Saturday, June 25, 2022

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SJM announces successful refinancing of HK$19b in loan facilities

SJM Holdings said its creditors have agreed to refinance syndicated loan facilities worth up to HK$19 billion ($2.4 billion). The loans consist of a $9 billion term loan and a $10 billion revolving credit facility, the company said in a statement.

SJM, LVS downgraded due to reduced confidence in Macau recovery: Fitch

SJM Holdings and Las Vegas Sands’ credit ratings have been cut by Fitch, which said it has reduced confidence in the Macau market’s recovery.

SJM payroll cost to increase up to HK$600m in 2H22 on satellite absorption: Fitch

SJM Holdings payroll costs may increase by up to HK$600 million ($76.4 million) in the second half as the company absorbs staff from satellite casinos, Fitch Holdings said.

SJM to continue operating Emperor casino for six months, to pay US$2.6m in fees

SJM Holdings will continue to run the satellite casino in Macau’s Grand Emperor Hotel for another six months and will pay HK$21 million ($2.6 million) in fees for hotel rooms and other services.

Galaxy & SJM EBITDA margins tell two different stories [Infographic]

This week’s infographic and write-up continues our in-depth examination of Macau’s gaming industry performance in 1Q22, this time looking at EBITDA margins.

SJM daily cash burn HK$22m, loan refinancing to provide HK$6b liquidity: MS

SJM Holdings is currently burning through about HK$22 million ($2.8 million) cash a day and if its loan refinancing is approved it will get another HK$6 billion in liquidity, Morgan Stanley said.

SJM’s Oceanus purchase “net negative” given liquidity strain: J.P. Morgan

SJM Holdings’ announcement that it will purchase Casino Oceanus for HK$1.9 billion ($243 million) through an issue of convertible bonds is a “net negative to sentiment,” but is not a “hugely needle moving” event, analysts at J.P. Morgan wrote. 

SJM Holdings to guarantee worker jobs in satellite casinos

SJM Holdings has said it will guarantee the jobs of any workers who find themselves unemployed due to the closure of its satellite casinos in Macau.

SJM debt downgraded on weak liquidity, uncertainty over financing: Moody’s

SJM Holdings’ debt rating has been cut by Moody’s due to concern about its weak cash flow and delays in refinancing its debt.

SJM Resorts unveils cooperation program with SMEs

SJM Resorts has unveiled the SJM SME Cooperation Programme,” an initiative that promotes Macau’s home-grown brands.