TLDR SJM Holdings posted adjusted EBITDA of HKD783 million for the quarter ended June 30, up 13.9% year-on-year. CBRE Capital Advisors said the gain came from an easier hold comparison, and EBITDA would have fallen 2.1% without it. The company’s share of Macau’s casino market rose to 10.0% in the second quarter, reaching 10.8% in June. Staff numbers have been cut by 10% over the past seven months to help manage labour costs. Grand Lisboa Palace is undergoing a mass gaming floor renovation expected to finish in the first half of 2027.
SJM Holdings Ltd reported adjusted EBITDA of HKD783 million, or about US$99.9 million, for the three months ended June 30. That figure was up 13.9% from the same period last year.
CBRE Capital Advisors Inc reviewed the results in a Wednesday note. Analysts John DeCree and Max Marsh said the increase was tied to an easier hold comparison from the prior year.
Without that adjustment, adjusted EBITDA would have actually declined by 2.1% year-on-year. The analysts said this points to a weaker underlying performance than the headline number suggests.
Market Share Improves in Macau
SJM Holdings’ share of Macau’s casino gross gaming revenue from its self-promoted operations climbed 2.5 percentage points to 10.0% in the second quarter. CBRE said a favorable VIP hold rate helped support this gain.
The company also added 0.4 percentage points of market share compared to the first quarter. CBRE linked this to management’s efforts around customer experience and product updates.
Market share rose in every month of the second quarter. It reached 10.8% in June, the highest monthly level since the company closed its satellite casino operations in October 2025.
Labour Costs and Cost Management
Rising labour costs following the satellite casino closures have continued to pressure margins. CBRE described