Macau casino operator SJM Holdings Ltd has appointed Ip Shih Ming as new chief financial officer (CFO), with effect from 6 December 2023.

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

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.

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.

Macau Gaming operator SJM Resorts has been a staunch supporter of overseas promotions spearheaded by the Macao Government Tourism Office, actively contributing to destination marketing initiatives aimed at elevating Macau’s profile.

The Chairman of SJM says that October’s results, due to the Golden Week influx, are expected to be “the best of the whole year” and will reach pre-pandemic levels.

SJM Holdings Ltd, a Macau casino operator, has proposed a significant increase in the annual caps of its service agreement with L’Arc Entertainment, as well as the annual caps of leasing the Jai Alai building.

SJM Holdings is currently working on its plans to redevelop one of Macau's key areas into an attractive tourism destination, as part of its obligations under its new 10-year license.

SJM Resorts has hosted a product seminar in Jakarta, Indonesia, to promote Macau’s diverse “tourism+” elements, with the aim of boosting visitation to Macau while expanding the city’s international presence. The seminar introduced a wide range of world-class tourism offerings provided by SJM, with close to 100 professionals from the travel industry participating under a lively atmosphere.

Macau casino operator SJM Holdings Ltd has proposed a significant increase in the annual caps of its service agreement with its parent company STDM. This move follows the surge in demand for tourism products in the gaming hub.