SJM Holdings Ltd

00880: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	B.W	LOCK\|#F?Q	LOCK\|@SGMgy#

SJM Earnings: Satellite Casino Era Ends; Long Road Ahead to Recovery in Profitability

Jennifer Song

Mar 6, 2026

SJM's fourth-quarter results continued to be dragged by the phased closure of satellite casinos. Gross gaming revenue declined 7% quarter on quarter, while adjusted EBITDA fell by a steeper 24%, narrowing the adjusted EBITDA margin by 2.2 percentage points to 10.3%.

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SJM Holdings Ltd

SJM Earnings: Satellite Casino Era Ends; Long Road Ahead to Recovery in Profitability

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