SJM Holdings shares fell 2.8% to HK$1.41 on Wednesday after the company reported a sharp decline in first-half revenue and a widening loss, reflecting ongoing challenges in Macau’s casino sector.
The Hong Kong-listed operator posted total net revenue of HK$11.59 billion for the six months ended June 30, down 20.8% from the same period a year earlier. Net loss attributable to shareholders increased 61.7% to HK$295 million, while basic loss per share stood at HK$0.041.
Gross gaming revenue declined 18.5% to HK$12.08 billion, driven largely by the December 2025 closure of SJM’s satellite casino network, which had contributed significantly to prior-year comparisons. The company’s market share in Macau’s casino industry fell to 9.8%, down from 12.9% a year ago.
The Grand Lisboa Palace resort, SJM’s flagship property in Cotai, saw adjusted EBITDA plunge from HK$82 million to HK$22 million, reflecting restructuring costs, high customer reinvestment spending, and broader cost inflation across Macau’s gaming market. The Hang Seng Index, by contrast, rose up to 1% on the day.
Investor sentiment toward Macau’s casino sector remains cautious, with operators facing persistent headwinds from regulatory shifts, shifting consumer preferences, and competitive pressures. SJM Holdings’ results underscore the sector-wide challenges amid a slower-than-expected recovery in Macau’s tourism and gaming activity.
