SJM Holdings has released its financial results for the third quarter ending September 30, 2026, reporting a year-on-year fall in total gross gaming revenue (GGR) of 23.9 per cent. Total GGR for the three-month period came in at HK$5.44 billion (US$693.6 million), compared with HK$7.14 billion (US$910.9 million) recorded during the corresponding period in 2025.
However, corporate performance metrics require contextual adjustment due to structural footprint changes: during Q3 2025, SJM operated several satellite casinos that were subsequently closed by the end of that fiscal year. When excluding those now-closed satellite venues, which contributed HK$4.79 billion (US$611.3 million) in Q3 2025, the Q3 2026 GGR figure actually represents a robust underlying year-on-year increase of 13.5 per cent.
Meanwhile, adjusted EBITDA for the quarter was reported at HK$705 million (US$89.9 million), down 20 per cent from HK$881 million (US$112.4 million) in Q3 2025.
Navigating softer market conditions and portfolio renovations
Addressing the macroeconomic and operational environment during the reporting period, Daisy Ho, Chairman of SJM Holdings and Managing Director of SJM Resorts, stated:
“The third quarter was marked by softer market conditions and the temporary impact of renovation works across our portfolio. We are maintaining disciplined cost management and advancing operational optimisation initiatives to protect margins and improve efficiency. As we continue to enhance our assets and refine our operating model, we remain focused on improving returns on invested capital and driving sustainable long-term growth.”
The temporary disruptions caused by portfolio-wide renovation works underscore SJM’s long-term strategy to modernize its flagship properties and elevate the overall guest experience across Macao. By streamlining operational workflows and maintaining strict cost discipline, management aims to safeguard profitability margins amid broader regional market fluctuations heading into 2027.
