Wednesday, July 24, 2024

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SJM Resorts’ satellite casinos recovery hindered by excess costs: CBRE

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.

Excess satellite casinos labour expenses dragging down SJM results – Brokerage

Elevated labour expenses related to satellite casinos remain an "area of weakness" and a drag on results for gaming concessionaire SJM Resorts, a dispatch by CBRE warned

Macau’s satellite casinos shrouded in darkness

Macau's satellite casinos used to be touristic attractions in the city. The problem is that not so many gamblers are going to play there now.

Your Daily Asia Gaming eBrief: Macau satellite casinos can’t offer credit

Macau is further tightening its gaming legislation, now mandating that satellite casinos and junket operators are prohibited from offering lines of credit to punters. Under the new changes, only concessionaires themselves, or junkets who have signed credit provision agreements with concessionaires will be able to provide any form of credit to clientele.

Satellite casinos to be disqualified from issuing gaming credit, say gaming experts

All satellite casinos will be disqualified from issuing gaming credit according to the new bill on casino concessionaire- and junket-issued credit for gambling. 

Macau Legend signs deal with SJM to operate satellite casinos

Satellite casino operator Macau Legend has entered into a new agreement with Macau gaming concessionaire SJM to ensure its ability to operate its casinos under the license of one of the six authorized companies.

Macau finance secretary unsure how many satellite casinos will remain open under new concessions

Macau’s Secretary for Economy and Finance says he’s unsure how many satellite casinos could continue to operate and how many would close down after the new gaming concessions come into effect on January 1st, 2023.

First of Macau’s satellite casinos close as President and Rio shut up shop

Galaxy Entertainment Group has announced the closure of the Rio and President satellite casinos, which shut their doors from Thursday.

Macau Chief Executive ‘rescues’ satellite casinos

Macau Chief Executive, Ho Iat Seng, expects that only a few “satellite casinos” will eventually cease operations, with no significant impact on employment, the official news agency GCS reported.

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.