Rising from the ashes, a story Macau has seen many times. Analysts at Fitch are predicting that legacy gaming operator SJM will fully accelerate into 2024, and drive its Cotai property Grand Lisboa Palace to finally break-even (EBITDA-wise). This is boosted by increased tourism, despite air traffic in 2023 reaching just half of pre-pandemic levels. Regionally, Vietnam looks to take advantage of this, aiming for 18 million tourists this year. On the wide scope, gaming equipment companies finished 2023 on a high note, with the AGEM index up by 2.7 percent. And Imperial Pacific gets another reprieve, as its winding-up proceedings are further delayed in Hong Kong.

Macau legacy gaming operator SJM managed to narrow its losses in the third quarter by 78.3 percent, to HK$410 million ($52.52 million) while pulling its adjusted EBITDA back into the black, at HK$566 million ($72.51 million) – compared to a loss of HK$968 million ($124 million) in 3Q23.

SJM Holdings is likely to have seen a gain in market share in 1Q22 due to the continued ramp up of its Grand Lisboa Palace property on Cotai, although its EBITDA for the quarter is still likely to be negative, Credit Suisse analysts said.

CLSA has raised Macau gaming operator SJM’s EBITDA forecast by 9.3 percent for the calendar year of 2024 following the company's strong first-quarter results.

SJM Holdings Limited (SJM) first quarter financial results showed slight improvements and met analyst expectations, but the slow ramp-up at Grand Lisboa Palace amidst a robust Macau recovery was worrying for the gaming operator, brokerage Seaport pointed out.

SJM Resorts has officially unveiled the Palazzo Versace hotel at its Grand Lisboa Palace complex, marking Versace's debut in the Asian luxury hotel scene.

Fitch Ratings anticipates that SJM Holdings Limited will experience a positive free cash flow (FCF) in 2024, with further expansion in 2025-2026. This positive trend is expected to drive a reduction in debt balance from HK$ 29 billion ($2.7 billion) at the end of September 2023 to HK$ 26 billion ($3.3 billion) by the end of 2025 and HK$ 23 billion ($3 billion) by the end of 2026.

SJM Holdings officially opened Palazzo Versace Macau, its latest addition to the Cotai integrated resort, on Tuesday. 

The ramp-up of SJM's new property Grand Lisboa Palace is still 'lagging market expectations', analysts from Morningstar pointed out in a dispatch.

Satellite casinos in Macau face a longer road to recovery with excessive costs and labor related to five shuttered casinos, according to CBRE Securities in the latest investment memo regarding SJM Resorts.