SJM’s third quarter revenue fell by nearly 25 percent, as the casino operator deals with “softer market conditions” and property renovation
SJM third quarter 2026 loss hits HK$397 million amid renovation
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SJM suffered a loss of HK$397 million (US$50.65 million) between July and September 2026 – a stark contrast to its result from a year earlier, when it recorded a profit of HK$9 million.
The Macao casino operator was also in the red in the first two quarters of 2026, although the current figure is noticeably higher than the HK$62 million in losses sustained in the first quarter and the HK$233 million recorded in the second quarter, as calculated from the 2026 first-half results.
Net revenue for the third quarter totalled HK$5.29 billion, down 24.8 percent year-on-year, according to SJM’s unaudited third quarter financial results published on 5 November 2026.
Gross gaming revenue (GGR) fell 23.9 percent for the quarter to HK$5.43 billion, but rose 13.5 percent year-on-year when SJM’s closed satellite casinos that were still in the 2025 figures are excluded.
Meanwhile, SJM’s group adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) was HK$705 million, falling from HK$881 million in the third quarter of 2025.
What contributed to SJM’s declining revenue in the third quarter?
SJM chairman Daisy Ho commented on the third quarter results in a press statement published on 5 November.
[See more: Third-quarter operating income falls sharply year on year at Melco Resorts]
“The third quarter was marked by softer market conditions and the temporary impact of renovation works across our portfolio,” she noted. “We are maintaining disciplined cost management and advancing operational optimisation initiatives to protect margins and improve efficiency.”
The same press statement mentioned that in the face of “macroeconomic headwinds and the impact of the World Cup,” the local casino industry “moderated” in the third quarter, with GGR falling 3.8 percent year-on-year.
How did the concessionaire’s properties perform in the third quarter?
By property, the Grand Lisboa Palace Resort Macau turned in a revenue of HK$1.71 billion in the third quarter, down 10.3 percent in comparison to the same period in 2025. SJM explained that the drop reflected “temporary revenue disruption during phased renovation works in the mass gaming area, alongside higher volatility observed in rolling revenue.”
Meanwhile, the property logged an EBITDA loss of HK$38 million, a decline relative to the HK$111 million in EBITDA profit recorded in the third quarter of 2025.
SJM’s other flagship property, Grand Lisboa Macau, logged a revenue of around HK$1.81 billion, down in comparison to the HK$2.02 billion registered one year earlier. The integrated resort’s EBITDA totalled HK$357 million, dropping 24.2 percent against the HK$471 million from the third quarter of 2025.
SJM added that upgrades to the Grand Lisboa Macau were continuing to take place, with work on the deluxe villas and mansion set to wrap up before the 2027 Chinese New Year, and room capacity slated to expand by 12 percent once the full room programme has been completed.
