Grand Lisboa Palace and Grand Lisboa Macao both see increases
Macau operator SJM Resorts highlighted how it managed to expand its Adjusted EBITDA margin to 15.5 per cent in its first quarter, despite it being the first financing period reflecting the full absence of satellite casino contributions following their closure in December 2025.
This margin growth indicates successful resource optimization that has elevated profitability following the transition to self-managed operations. Various Peninsula properties demonstrated solid momentum post-restructuring, with further product enhancements being progressively implemented. The hotel, catering, retail, leasing and related services segment also recorded a 1.7 per cent year-on-year revenue increase.
Daisy Ho, Chairman of SJM Holdings Limited and Managing Director of SJM Resorts, commented, “In our first full quarter under a self-promoted model, the Group has demonstrated rigorous operational discipline characterised by a significant improvement in efficiency. As we transitioned away from the satellite model, the resulting increase in our Adjusted EBITDA margin reflects a more streamlined and synergistic operating structure. We will remain focused on completing our property enhancements and ensure a superior guest experience in order to create long-term value for our shareholders.”
During the quarter, the Group’s Gross Gaming Revenue fell to HK$6,135m, down 18.8 per cent whilst its market share adjusted to 9.6 per cent, down from 13.5 per cent.
Grand Lisboa Palace Resort Macau recorded total revenue of HK$2,070m for the quarter, with GGR rising 11.7 per cent year-on-year to HK$1,752m and non-gaming revenue of HK$318m. Rolling volume grew 26.5 per cent year-on-year, reflecting continued improvement in VIP segment following targeted enhancements.
Despite the topline growth, Adjusted Property EBITDA declined to HK$58m, primarily due to higher operating costs. Hotel occupancy edged down slightly to 94.6 per cent for the quarter due to a more disciplined approach to reinvestment.
Grand Lisboa Macau recorded total revenue of HK$2,003m for the quarter, with GGR growing 6.7 per cent year-on-year to HK$1,915m. Adjusted Property EBITDA was HK$425 million, compared with HK$440 million in the prior year. Hotel occupancy for the quarter was 97.7%, broadly consistent with the first quarter of 2025.
Comprising Casino Lisboa, Casino L’Arc Macau, and Casino Oceanus at Jai Alai, SJM’s other segment delivered strong performance during the quarter, with GGR rising 83.6 per cent year-on-year to HK$2,468m. Such increase was mainly attributable to the contribution from the expanded gaming area at Casino Lisboa and the contribution from Casino L’Arc Macau.
In the first quarter of 2026, the Group achieved a new benchmark in luxury hospitality, anchored by record recognition from Forbes Travel Guide (“FTG”). The Group secured 14 Five-Star awards, with Grand Lisboa Palace Resort Macau becoming the world’s only integrated resort where all hotels FT Five-Star rated. This milestone also makes Grand Lisboa Palace Resort Macau the world’s first integrated resort to house three FTG Five-Star spas under one roof. Building on the achievement of all three hotels having also been awarded the prestigious “MICHELIN Two Keys” distinction by the MICHELIN Guide last year the highest level awarded to any hotel in Macau to date—these accolades place the resort among the most comprehensively awarded luxury destinations worldwide.
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Grand Lisboa Palace and Grand Lisboa Macao both see increases Macau operator SJM Resorts highlighted how it managed to expand its Adjusted EBITDA margin to 15.5 per cent in its first quarter, despite it being the first financing period reflecting the full absence of satellite casino contributions following their closure in December 2025. This margin…
The post Gaming revenues fall by 18.8 per cent at SJM following satellite closures appeared first on G3 Newswire.