SJM issues $540M in 6.5% senior notes due 2031 to improve ‘financial flexibility’

Macau

Kelsey Wilhelm

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January 9, 2026

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SJM issues $540M in 6.5% senior notes due 2031 to improve ‘financial flexibility’

Macau gaming operator SJM Holdings has announced the issuance of $540 million in 6.6 percent senior notes due in 2031.

The company is concurrently conducting an offer to repurchase for cash any and all outstanding 2026 notes via a wholly-owned subsidiary (Champion Path Holdings Ltd) and its internal resources.

In a Friday filing, SJM indicated that a subsidiary of its controlling shareholder STDM – the legacy gaming operator in Macau – had ‘agreed to subscribe to a certain amount of the Notes’. The overall amount was not defined.

SJM Resorts debuts Macau's premier integrated tourism & leisure enterprise at CICPE

The initial purchasers comprise a series of banks based out of Singapore, Hong Kong and Macau. The company and the initial purchasers entered into the agreement on Thursday, January 8^th.

SJM noted that the results of the issuance would be used ‘for refinancing the Group’s existing indebtedness and general corporate purposes’. It also extends the maturity on the group’s indebtedness to ‘enhance the Group’s financial flexibility’.

The issuance comes the closure of all of SJM’s, and Macau’s, satellite casinos by December 31^st. As part of the legislative change, SJM also integrated L’Arc Hotel and Casino its its self-operated portfolio – the only satellite casino to be taken on by an operator.

New L'Arc Hotel property is a “highly strategic asset” for SJM - Managing Director

The acquisition was completed on December 15th, 2025 after independent shareholders of SJM Holdings approved a HK$1.75 billion ($224 million) transaction, which also includes the repayment of most of the target company’s HK$1.93 billion ($247 million) debt.

Daily Asia Gaming eBrief: Operators pressured by Sri Lanka regulatory shift

News

AGBrief Editorial

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January 9, 2026

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Daily Asia Gaming eBrief: Operators pressured by Sri Lanka regulatory shift

Good Morning. Things move quickly in Asian gaming, and operators are subject to swift regulatory overhauls that can drastically reshape the playing field. For those in Sri Lanka, new legislation effective this year is pressuring companies to absorb increased costs and face lower profitability, questioning their determination. Looking at Cambodia, Prince Bank is facing liquidation, with its founder Chen Zhi facing US sanctions for fraud. And in the Philippines, Century Entertainment aims to tap the online gaming market by signing an agreement with its joint venture partner.

What you need to know

Sri Lanka has introduced sweeping changes to its gambling tax regime, sharply raising licence fees and shifting to turnover‑based levies.
Cambodia’s Prince Bank, established by accused fraudster Chen Zhi, has been ordered to liquidate by the country’s central bank.
Century Entertainment JV enters the mobile gaming market in the Philippines with an agreement with JV partner WPT.

On the radar

Osaka to sell central expo land adjacent to MGM integrated resort.
MGM China, Melco Resorts and Wynn Macau announce year-end bonus.
Illegal gambling dens in Seoul exclude Koreans: Report.
Chinese tourists dominate international arrivals to Vietnam in 2025.
AGEM Index falls by 4 percent monthly in December.
Aristocrat extends/increases $500M share buy-back program to 2027.

AGB Intelligence

SRI LANKA

Swift regulatory changes a risk in Asian gaming

Authorities in Sri Lanka have turned up the heat on gaming operators, after implementing sweeping changes to the nation’s gambling tax regime, including increased license fees and a shift to turnover-based levies. Industry observers say the move is aggressive, and is causing operators to absorb the changes with “almost no time to prepare”. Profitability is now in question, causing operators to weigh how valuable it really is to conduct business in the country.

Industry Updates

Michael Bauer named CEO of Zitro Digital as Zitro prepares for ICE 2026.
Soft2Bet announces Diego Simeone as ambassador for Betinia and CampoBet.
TCSJOHNHUXLEY showcases cutting‑edge solutions at ICE Barcelona 2026.

INTELLIGENCE | ASEAN | CAREERS | EVENTS

According to a release on Friday, the move is ‘part of its ongoing capital management strategy’. It follows a buy-back initiative that saw AU$701.1 million in shares bought back since February of 2025. The total value of the share buy-back program is expected to reach AU$750 million before it ends.

The group indicated that the extension and increase of the buy-back program will ‘continue to be conducted on an opportunistic basis and Aristocrat reserves the right to vary, suspend or terminate’ the program ‘at any time’.

Aristocrat’s CEO Trevor Croker noted that as the previous buy-back program nears completion and its “consistently strong cash flow generation” allows the group to “continue to pursue a mix of returns to shareholders via dividends and share buy-backs while also investing in strategic acquisitions and organic growth initiatives”.

The group in its fiscal FY25 results noted a 12 percent increase in profit for the year ending September 30^th, hitting AU$1.55 billion ($1.01 billion), with revenue rising by 11 percent, to AU$6.29 billion ($4.11 billion).

The city, in collaboration with the Osaka prefectural government, has solicited development concepts from the private sector and selected two outstanding proposals. Officials plan to formally invite applications from developers around spring 2026. The development project is intended to carry forward the expo’s core philosophy while ensuring compatibility with the neighboring integrated resort.

Among the leading proposals, one envisions the construction of a racing circuit and a large-scale arena, while the other outlines a world-class luxury resort featuring a water park. Both concepts are considered highly compatible with the IR project. There is also growing momentum behind efforts to bring Formula 1 racing to Osaka, which could further enhance the site’s appeal as an entertainment destination.

The Osaka IR is scheduled to open around autumn 2030 as Japan’s first large-scale complex to incorporate a casino. Expectations are high that the development will attract affluent international visitors and catalyze regional economic growth.

The 2025 World Exposition, held over 6 months through October 13th, 2025, on Yumeshima, an artificial island in Osaka Bay, drew more than 25 million ticketed visitors.

Sri Lanka changes in gambling tax regime an aggressive overhaul: Analyst

Nelson Moura

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January 8, 2026

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Sri Lanka changes in gambling tax regime an aggressive overhaul: Analyst

Sri Lanka has introduced sweeping changes to its gambling tax regime, sharply raising license fees and shifting to turnover‑based levies in what industry observers say is one of the most aggressive overhauls in Asia.

The government doubled the casino entry fee for locals to $100 and lifted the betting and gaming levy from 15 to 18 percent of gross revenue, according to the Inland Revenue Department. The amendments to the Betting and Gaming Levy Act took effect on January 1st.

“This is a clear signal of how fast regulatory risk can change in Asia,” said Ram Mohan, an Indian business developer with experience in the gaming sector. “Operators are being asked to absorb multi‑fold increases in licence fees with almost no time to prepare.”

Under the new rules, casino operators face steep annual licence costs, while betting shops, gaming machines and online platforms are drawn into a tighter compliance net. “Short timelines mean you either pay up, restructure, or exit,” Mohan warned.

The shift to turnover‑linked levies is expected to hit high‑volume, low‑margin operators hardest. “You pay even when margins are thin – profitability is compressed overnight. For B2C brands this is brutal, and for B2B suppliers it forces a rethink of how deals are priced and risk‑shared,” the business development manager at Czar Gaming commented.

Officials have coupled the higher levies with stricter enforcement and penalties for non‑compliance, signalling a tougher stance against unlicensed and grey‑market operations. “This isn’t just about more tax – it’s about formalising control. Banks and payment partners will become far more conservative around non‑compliant traffic,” Mohan added.

The overhaul amends the Betting and Gaming Levy Act, first enacted in 1988 to regulate Sri Lanka’s gambling sector. The law originally imposed fixed fees and softer tax bases, but the 2025 amendment – certified by parliament last year – introduced turnover‑based levies and doubled the casino entrance fee. Officials say the changes are aimed at tightening compliance and boosting state revenue.

Industry experts say the new regime will force Asia‑focused operators to reconsider their exposure to Sri Lanka, increase the value of compliant local partnerships and accelerate demand for platforms that can adapt quickly to multi‑jurisdictional rules.

“At CZAR Gaming, our priority is helping partners stay ahead of these shifts,” Mohan said. “That means configurable tax engines across markets, rapid rule updates without code changes, and transparent reporting for regulators and auditors.”

Hong Kong-listed Century Entertainment International said its joint venture has signed a memorandum of understanding (MOU) with Philippines-based World Platinum Technologies (WPT) to develop, operate, and monetize mobile gaming applications, according to a filing with the Hong Kong Stock Exchange on Thursday.

The non-binding MOU was entered into after trading hours on January 8th, 2026, by the joint venture company, Konphil Technology Company Limited. Under the arrangement, the parties expressed their intention to move toward a definitive leasing and operating agreement focused on mobile applications, marking the latest step in Century Entertainment’s push into digital and technology-driven gaming.

According to the filing, the joint venture plans to leverage WPT’s online platform and technology-based solutions to develop up to ten types of mobile applications.

The JV will be responsible for application development and customization, player acquisition, marketing, and business development. WPT, in turn, will provide access to its proprietary content and platform, conduct know-your-customer (KYC) and anti-money-laundering (AML) checks, onboard players, and deliver customer service, operational and technical support, as well as periodic performance data.

Subject to the execution of a definitive agreement, WPT is expected to be entitled to 15 percent of the net gaming profit generated from the mobile applications, with settlements anticipated on a monthly basis. The company noted that, aside from provisions on confidentiality and governing law, the MOU is not legally binding and remains subject to further negotiation.

Century Entertainment said the MOU aligns with its broader strategy to expand its footprint in digital gaming and complements its existing joint venture and licensing arrangements with WPT.

The development builds on an earlier move announced in July 2025, when Century Entertainment formed a joint venture with WPT to pursue gaming system platforms and content opportunities across the Asia-Pacific region. That partnership resulted in the establishment of Konphil Technology Company Limited, with Century Entertainment holding a 51 percent stake and WPT owning the remaining 49 percent.

At Stand 3R46, the major highlight of the exhibition will be the showcase of the Chipper Champ 3. As the latest evolution in chip handling technology, this machine offers advanced features designed to enhance efficiency and security, further streamlining casino operations. The Chipper Champ 3 represents a significant leap forward, delivering unmatched speed and accuracy that reinforces TCSJOHNHUXLEY’s position as the market leader in chipping technology.

Demonstrating a commitment to evolving casino floor operations, the company will also introduce the Clonix Casino Smart Kiosk Solutions. These advanced self-service units utilise RFID and vision inspection technology to streamline the cage environment. Visitors will be able to view the Chip Dispensing Kiosk, designed for fast and secure chip purchases, alongside the Chip Redemption Kiosk, which facilitates precise chip-to-cash exchanges.

Complementing the hardware, TCSJOHNHUXLEY will present its latest updates to the T-Connect casino management system. Demonstrating a strong focus on the future of Connected Gaming Tables, this sophisticated ecosystem integrates smart sensors and intelligent software to redefine operational efficiency and security. T-Connect delivers comprehensive real-time data insights that empower operators to optimise performance, offering a flexible and modular approach to game management.

Saturn™ Velocity, TCSJOHNHUXLEY — _{Saturn Velocity Auto Wheel with Wheelmate Screen}

As the world’s premier manufacturer of Roulette wheels, TCSJOHNHUXLEY will highlight its expertise with a showcase of the Saturn Velocity. This groundbreaking automated wheel redefines the experience for both land-based and online operators with unparalleled speed and efficiency. Featuring compatibility with the Wheelmate console for seamless integration, Velocity will be displayed alongside the company’s world-renowned manual Saturn™ Roulette Wheels, demonstrating the superior craftsmanship and quality that define the brand.

Nicci Smith, TCSJOHNHUXLEY Managing Director UK & Europe commented: “We are thrilled to be returning to ICE and to the vibrant city of Barcelona. This iconic event provides the perfect platform to showcase our latest innovations and reconnect with valued customers. As a trusted partner, we are committed to delivering innovative solutions—from our new smart kiosks to intelligent table systems— that directly address operational challenges and drive revenue for your business.”

Attendees can explore the world’s most extensive live gaming product portfolio, featuring everything from traditional, handcrafted excellence to cutting-edge electronic systems. The expert team will be available for personalised consultations to discuss specific operational challenges and demonstrate how guaranteed quality, innovation, and industry-leading support can secure investment for the long term.

Simeone has been the manager of Atlético de Madrid since December 2011 and is widely recognised as one of the defining coaches of the modern era. He has led the club to major domestic and European honours, including two LaLiga titles (2013-14, 2020-21), UEFA Europa League titles (2012, 2018), UEFA Super Cup victories (2012, 2018), a Copa del Rey and a Spanish Super Cup. During his accomplished playing career, he earned 108 caps for Argentina, helping them to victory in the Copa América in both 1991 and 1993.

“Simeone is one of this era’s defining football managers, recognised for high intensity and an uncompromising drive for progress,” commented Betinia’s official brand representative. “That same mindset sits at the heart of Betinia, and the football manager turns a player’s journey into a growth story with progression and rewards, localised for the target audience.”

As part of the partnership, brands are launching a proprietary in-platform football manager providing players with a clear path to becoming legends in their own right. Mirroring Simeone’s own rise through grit, determination and constant improvement, players earn points to progress from Beginner to Legend, unlocking rewards along the way.

With highly localised content tailored to each market, brands aim to build long-term connections with players through an experience that feels personal, purposeful and football-led. Furthermore, players will be able to face each other in online fantasy matches. The core is personalisation: each player manages a unique roster of stars and develops their own signature winning tactics.

“Partnering with a football icon like Diego Simeone is a major milestone for Soft2Bet and its brands, CampoBet and Betinia,” said Alex Gitsik, CMO of Soft2Bet. “His leadership and dedication to excellence reflect the values we uphold across all our gaming platforms. Through this unique collaboration, we are excited to bring fans closer to the game they love, blending strategic gameplay with engaging gaming experiences.”

By partnering with Simeone, Betinia and CampoBet bridge his influence with a commitment to providing fans a localised experience rooted in regional football culture and player habits. During the partnership, Simeone will be featured across brands’ digital platforms, exclusive campaigns, and promotional activities throughout 2026.

With over 20 years of industry experience, Digitain delivers scalable, modular, and market-ready solutions designed to drive growth, enhance operational efficiency, and support partners in regulated markets worldwide. At ICE Barcelona, the company will demonstrate its award-winning Sportsbook, the Centrivo iGaming Platform, Virtual Sports, and the Paydrom payment gateway. Additionally, the company will present its Self-Service Betting Terminals in full scale, highlighting a solution that has quickly become a highly requested feature in the omnichannel retail space.

Ani Mkrtchyan, Digitain — _{Ani Mkrtchyan, CSO at Digitain}

Ani Mkrtchyan, Chief Sales Officer at Digitain, commented: “ICE Barcelona is more than just another event on the calendar — it’s our strategic launchpad for the year. It’s where we reconnect with long-term partners, initiate meaningful conversations with potential collaborators, and demonstrate how Digitain’s full ecosystem of solutions continues to evolve to meet the needs of regulated markets. For us, ICE is not just about showcasing products; it’s about building lasting relationships, accelerating high-value opportunities, and setting the tone for a successful year ahead. Above all, we want to show how Digitain empowers operators with flexible, innovative, and scalable solutions that drive growth, optimize performance, and provide a competitive edge in every market.”

Key Products on Display

Digitain Sportsbook – Powers 180,000+ monthly live events and 4,000+ betting markets with 24/7 risk management. Available via API or turnkey solutions, it maximizes revenue and player loyalty.
Centrivo iGaming Platform – A robust iGaming platform offering flexible templates, dynamic rules, cashier modules, and full operational control.
Virtual Sports – Provides 26,000+ daily events across Web, Mobile, and Retail, increasing engagement and revenue streams.
Paydrom – Secure payment gateway integrating 60+ providers and 600+ methods, enabling seamless global transactions.
Self-Service Betting Terminals – a key addition to Digitain’s omni-channel retail offering, which improves player convenience, reduces pressure on retail staff, and strengthens the omnichannel experience for operators.

Strategic Focus at ICE Barcelona 2026

ICE Barcelona represents a key milestone in Digitain’s 2026 growth roadmap, serving as a strategic platform for strengthening relationships with existing partners and advancing high-value discussions with pre-qualified prospects. The event also allows Digitain to demonstrate how its modular ecosystem supports localisation strategies and long-term growth across regulated markets.

To schedule a meeting with Digitain representatives, please visit: https://icebarcelona.digitain.com/

SJM issues $540M in 6.5% senior notes due 2031 to improve ‘financial flexibility’

Macau gaming operator SJM Holdings has announced the issuance of $540 million in 6.6 percent senior notes due in 2031.

Daily Asia Gaming eBrief: Operators pressured by Sri Lanka regulatory shift

What you need to know

On the radar