SJM Holdings Ltd

00880: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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SJM Earnings: Closure of Satellite Casinos Lifts Margins but Weighs on Market Share

Jennifer Song

May 8, 2026

SJM's first-quarter results were constrained by satellite casino closures. Gross gaming revenue fell 8% quarter on quarter, while adjusted EBITDA surged 37%, lifting adjusted EBITDA margin by 5.2 percentage points to 15.5%.

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SJM Holdings Ltd

SJM Earnings: Closure of Satellite Casinos Lifts Margins but Weighs on Market Share

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