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Tag Archives: SJM Holdings

China – Fitch places Rating Watch Negative (RWN) on Las Vegas Sands and SJM Holdings

Fitch has put a rating of Rating Watch Negative (RWN) on Macau casino operators Las Vegas Sands and SJM Holdings because of the uncertainty surrounding the timings of license re-renewals. Fitch said: “The RWN reflects the material near-term regulatory uncertainty related to gaming concessions in Macau, whose 20-year term is set to expire on 26 June…

China – SJM and Galaxy to maintain current deals with junket operators

Macau casino operators SJM Holdings and Galaxy Entertainment Group have both confirmed they will honour their existing agreements with junket operators at least until the end of their current deals. Morgan Stanley has said that more casino groups could terminate their arrangements with junkets. Tak Chun, the second-biggest junket operator in Macau, confirmed that some casinos have…

China – Analysts mixed on SJM as Grand Lisboa Palace finally nears opening

Analysts at Bernstein have said they are ‘sceptical’ that Macau operator Sociedade de Jogos de Macau Holdings can achieve its targets when its long-delayed $5bn Cotai casino resort, Grand Lisboa Palace, opens with 300 gaming tables. SJM said the property, which will also house 1,034 slots, would open before the end of this quarter Whilst…

China – Revenue fall of 84 per cent paints bleak picture of Grand Lisboa Palace’s 2020

The full impact of the coronavirus pandemic produced some startling figures in the annual report of Macau operator SJM holdings with its flagship property Casino Grand Lisboa seeing its revenue fall by 84 per cent with its hotel occupancy falling just below 18 per cent for the year. The operator said: “The group was severely…

China – Fitch sets the bar for Grand Lisboa Palace at US$258m next year

Grand Lisboa Palace, SJM Holding’s long-awaited casino property in Cotai, could generate GGR of HK$2bn (US$258m) in 2022, increasing to HK$3.5bn (US$450m) by 2023, according to analytical group Fitch Ratings. The property is on course to debut in the first quarter of the year following a series of setbacks that have delayed launch for well…

China – SJM to only open parts of Grand Lisboa Palace in first quarter of 2021

Macau casino group SJM Holdings will begin a phased opening of its new HK$39bn (US$5bn) Grand Lisboa Palace in Cotai in the first quarter of 2021 with some entertainment facilities to be delayed. Union Gaming analyst John De Cree said: ““SJM is expecting to open Grand Lisboa Palace in 1Q21, with the scale of the…

China – SJM outlines extent of COVID-19’s impact on first half revenues

The first half results of Macau casino operator Sociedade de Jogos de Macau were severely impacted by the COVID-19 outbreak, which led to closure of Macau casinos for 15 days in February, as well as ongoing restrictions on entry from the Mainland, Hong Kong and other locations, curtailment of transportation channels and quarantine requirements. The…

China – Opening of Grand Lisboa Palace could be delayed until 2021

With construction work on the long-delayed Grand Lisboa Palace completed in late 2019 and an application made for the relevant licenses in the second half of 2020, Sociedade de Jogos de Macau will be bemoaning the dilapidating effects of the coronavirus even more than most of Macau’s casino operators. The group has been in desperate…

China – SJM reports profit despite 33 per cent drop in revenue at Grand Lisboa

SJM Holdings saw its profit increase by 4.5 per cent in Macau, year-on-year in the third quarter of 2019, although gaming revenue fell by 3.2 per cent. Profit came in at HKD738m (US$94.1m) for the three months to September 30 with GGR coming in at HKD8.06bn. GGR at the company’s flagship Casino Grand Lisboa fell…