Moody’s Ratings expects SJM Holdings to post adjusted EBITDA of HK$4.1 billion ($523.6M) in 2026, rising to HK$4.5 billion ($574.7M) in 2027, up from HK$3.4 billion ($434.2M) in 2025, the rating agency said on Friday.
The improvement is primarily attributable to earnings from Casino L’Arc, which SJM acquired in December 2025, as well as gradual earnings accretion from tables reallocated from former satellite casinos.
The agency noted that the forecasts also account for ‘continued subdued earnings performance at GLP and Grand Lisboa, which is generally in line with its Q1 2026 performance.’
Alongside the forecast, Moody’s downgraded SJM’s corporate family rating (CFR) to B1 from Ba3, and lowered to B2 from B1 the backed senior unsecured rating on bonds issued by Champion Path Holdings Limited and SJM International Limited, both guaranteed by SJM. The outlook was revised to stable from negative.
‘The downgrade reflects our anticipation that SJM’s earnings growth will only be gradual over the next 12 to 18 months. Consequently, while we expect its financial leverage to improve from a very high level in 2025, it will likely remain elevated,’ said Stephanie Lau, a Moody’s Ratings Vice President and Senior Credit Officer.
Deleveraging path supported by earnings growth
The agency projects SJM’s adjusted debt-to-EBITDA ratio to improve to around 7.3 times in 2026 from 9.0 times in 2025, and to further decline to approximately 6.3 times in 2027. The improvement is driven primarily by earnings growth and a moderate reduction in debt. Moody’s expects adjusted debt to remain largely stable in 2026 before declining moderately in 2027.
According to Moody’s, the B1 CFR reflects SJM’s long-standing presence in Macao’s gaming market and the city’s favorable long-term growth outlook, while also capturing its geographic concentration, intense competition, and high financial leverage.
SJM’s liquidity position remains good, with cash holdings of HK$2.0 billion ($255.4 million), excluding restricted cash, and an available revolving credit facility. Moody’s said these resources will be more than sufficient to cover the operator’s committed capital spending and maturing debt over the next 12 to 18 months.
Wynn was honoured with the “Best Company to Work for in Asia 2026” and the “People Transformation Award” in recognition of its outstanding human resource development strategy, following the unveiling of winners at the “HR Asia Best Companies to Work for in Asia 2026” awards ceremony in Hong Kong.
These two accolades underscore strong industry recognition of Wynn’s excellence in fostering a people-centric corporate culture, advancing talent development, and enhancing employee wellbeing.
Commenting on the achievement, Ms. Stephanie So, SVP of Human Resources of Wynn Macau and Wynn Palace, said, “We are truly honoured to receive the ‘Best Company to Work for in Asia 2026’ and ‘People Transformation Award’ from HR Asia. These awards reflect Wynn’s strong corporate culture and our ongoing commitment to talent development.”
“Today, more than 4,800 team members have been with the company for over 10 years, and as we celebrate our 20th anniversary in Macao, this figure will exceed 50% of our workforce. This enduring trust is a key driver of our sustainable growth and embodies our philosophy that ‘Only people make people happy.’ We will continue to invest in our people and contribute to Macao’s long-term development.”
Organised by HR Asia, one of the region’s most authoritative human resource publications, the “HR Asia Best Companies to Work for in Asia” is among the largest and most prestigious employer branding awards in Asia. The programme rigorously evaluates organisations across HR strategy, employee engagement, and workplace culture. This year’s recognition highlights Wynn’s sustained commitment to building a people-focused workplace, creating meaningful growth opportunities, and fostering a culture of care that enhances employee wellbeing and belonging.
The “People Transformation Award” further recognises Wynn’s strategic investment in structured talent development. Through a clear and progressive framework, the company supports team members at every stage—from onboarding and skills training to leadership development—enabling continuous professional growth. Key initiatives include the “Wynn Local Development Program,” “Wynn Management Foundation Program,” and “Wynn Return to School Program,” all designed to strengthen career pathways and empower long-term success.
Wynn remains committed to placing its people at the heart of its strategy, continuously enhancing its talent development approach while contributing to a more sustainable and competitive future for Macao.
Paris Saint-Germain, an official partner of 1xBet, have defended their title and become France’s best team for the 14th time in their history.
Intriguing title race + historic victory in Le Classique
Last season’s Ligue 1 was a showcase of the Parisians’ total dominance. Luis Enrique’s side secured the title before the end of the campaign, finishing almost 20 points clear of their nearest competitors. This season brought a different story, treating fans to plenty of drama. The title was decided at the end of the campaign in a H2H clash between France’s best teams.
Lens had a sensational season, putting up a strong fight against the reigning champions, but in the end, the Parisians came out on top and claimed their 14th title. Luis Enrique’s men defended their title with flying colors, putting on a spectacular show in every match with an emphasis on attack. By the winter break, Paris Saint-Germain had already broken the club’s scoring record, netting at least one goal in 40 consecutive home games.
At the same time, the Red-and-Blues remained open to bold experiments and new debuts. In the first half of the Ligue 1 season, no fewer than 17 different players scored for the team. Luis Enrique gave young talents the chance to prove themselves, and they took full advantage of it. Ousmane Dembélé, Khvicha Kvaratskhelia and Désiré Doué remained the star performers of the Parisian football orchestra, but it was this season that Ibrahim Mbaye, Senny Mayulu and Quentin Ndjantou really made their mark.
Another highlight of Paris Saint-Germain’s triumphant season was their 5-0 thrashing of Olympique de Marseille on matchday 21 of Ligue 1. This was the Parisians’ biggest victory in the history of Le Classique in the French league.
The Red-and-Blues have become France’s top-scoring team by a wide margin, and complemented their league title with a place in the Champions League final for the second consecutive year. Luis Enrique’s side are rightly considered the most stylish in European football – they not only win, but do so beautifully.
1xBet congratulates Paris Saint-Germain on their well-deserved Ligue 1 title and wishes its official partner the best of luck in the Champions League final!
The gaming giant Zitro has announced a new milestone in its U.S. journey, entering Pennsylvania with its first installation at Live! Casino & Hotel Philadelphia.
Pennsylvania has been a key target for Zitro as it continues to expand its presence across regulated U.S. jurisdictions. With one of the largest and most dynamic gaming markets in the country, it was a logical next step for the company, and Live! Casino & Hotel Philadelphia was the ideal partner to open this new chapter.
On the casino floor, players are already enjoying Zitro’s CONCEPT cabinet featuring ‘Legendary Sword’, a title that has demonstrated strong, consistent performance across multiple U.S. markets and internationally, and one that continues to resonate with players wherever it is deployed.
“Zitro’s ‘Legendary Sword’ is a fantastic addition to our property,” said Kevin O’Sullivan, Vice President of Gaming for Live! Casino & Hotel Philadelphia. “We’re pleased with the guest engagement so far and are eager to expand our partnership further.”
Derik Mooberry, CEO of Zitro USA, added: “Pennsylvania is a key market for us, and we are dedicated to providing operators and players with our best content. The launch of our product at Live! Casino is a significant step in our state-wide growth strategy, and we look forward to a long and successful partnership.”
With more announcements expected in the coming months, the company is well-positioned to continue its momentum as one of the gaming industry’s fastest-growing suppliers.
Yevhen Krazhan, CSO at GR8 Tech, explores how surging crypto adoption across Asia is revolutionizing iGaming payments, stating: “When I look at what’s changing fastest in Asia, it’s payment behavior,” as wallets, stablecoins, and seamless cross-border transfers become deeply ingrained in player habits. The winning operators will be those that offer fast, reliable, and local deposits and withdrawals. To make sense of it, Yevhen breaks Asia into two crypto realities.
Universal Entertainment Corp said results at Okada Manila remained under pressure during the first quarter of 2026 due to intensifying competition in the Philippine gaming market, weaker mass-market performance and lower VIP hold rates, although the integrated resort improved sequentially following adjustments to its loyalty program.
The Japanese gaming and entertainment group reported that its Integrated Resort business generated net sales of JPY15.44 billion ($106 million) in the three months ended March 31st, down 16.0 percent year-on-year. Operating profit fell 92.8 percent to JPY23 million ($158,000), while adjusted segment EBITDA declined 55.7 percent to JPY2.04 billion ($14 million).
Universal said the gaming market in Entertainment City, Manila, remains in a period of adjustment, citing structural changes in the VIP market, intensifying competition for both VIP and mass-market customers, and rising customer acquisition costs. The company also said geopolitical tensions in the Middle East and higher fuel costs continued to weigh on market demand.
‘Although results fell short of the same period of the previous year, they exceeded those of the previous quarter due to measures such as the overhaul of our loyalty program,’ the company said in presentation materials accompanying its quarterly earnings release.
VIP gaming volume at Tiger Resort, Leisure and Entertainment Inc, the entity operating Okada Manila, increased during the quarter, but lower hold rates reduced overall VIP revenue. Rolling chip volume rose 8.6 percent year-on-year to PHP57.64 billion ($1.03 billion), while rolling chip win fell 19.0 percent to PHP1.44 billion ($25.7 million). The VIP win rate declined to 2.5 percent from 3.3 percent a year earlier.
Mass-market operations weakened more significantly. Live mass table games volume fell 29.3 percent year-on-year and mass table win declined 24.1 percent. Gaming machine handle dropped 4.1 percent, while gaming machine win decreased 8.9 percent. Overall gaming revenue declined 17.1 percent to PHP6.47 billion ($116 million).
Despite lower revenue, Universal said Okada Manila maintained operating profitability through cost-cutting measures, including reductions in selling, general and administrative expenses, optimization of fixed costs and lower depreciation expenses following an asset revaluation conducted during the previous fiscal year.
The company added that it would continue expanding its online gaming strategy in the Philippines through the ‘Okada Play‘ platform launched in partnership with PhilWeb Corp.
Japan’s Supreme Court has moved to initiate dismissal proceedings against a summary court judge who was indicted over alleged habitual online gambling activity involving offshore casino websites.
In a statement issued on Wednesday, the Supreme Court said it had requested that the relevant parliamentary impeachment commission file a petition with the Judge Impeachment Court seeking the removal of Akifumi Morimoto, a 52-year-old judge serving at Niigata Summary Court.
The Supreme Court stated that Morimoto’s conduct “amounted to a delinquency undermining the dignity of judges.” According to prosecutors, Morimoto allegedly accessed an online casino platform more than 60,000 times using his smartphone and tablet, and participated in gambling activities including baccarat between April and September 2023 while residing in Akita Prefecture.
The Akita District Public Prosecutors Office indicted Morimoto without arrest on 17 April. Japanese media reports said Morimoto has admitted to the allegations and expressed remorse, according to the Supreme Court.
If the parliamentary commission proceeds with the petition, the case will be reviewed by the Judge Impeachment Court, which will determine whether Morimoto should be formally dismissed from the judiciary.
The Hong Kong Jockey Club and the French commune of Deauville have signed a three-year Memorandum of Understanding aimed at expanding cooperation across equine sports development, horse welfare and racing-related initiatives.
The agreement was signed in Hong Kong by Andrew Harding, Executive Director of Racing at the Hong Kong Jockey Club, and Philippe Béhuet, Deputy Mayor of Deauville and Special Representative of the Mayor of Deauville. Under the partnership, the two sides will collaborate on areas including equine health and welfare research, racehorse supply opportunities, horse-riding tourism programmes and polo development initiatives.
The agreement also includes support for the retraining and re-homing of retired Hong Kong racehorses in France through Champs Legacy, an official partner of HKJC’s RESTART Racehorse Aftercare Programme. In addition, the partnership is expected to strengthen cooperation with French bloodstock auction house ARQANA, facilitating exchanges between breeders, agents and Hong Kong racing interests seeking to acquire racehorses.
Winfried Engelbrecht-Bresges, chief executive officer of the Hong Kong Jockey Club, said the agreement reinforced the longstanding relationship between Hong Kong and France’s equine industries. Philippe Béhuet said the partnership reflected shared values between Deauville and Hong Kong around horse racing, equestrian sports and innovation.
Located in Normandy, Deauville is regarded as one of Europe’s leading equestrian centres and hosts major racing and polo events alongside training, education and equine health facilities. The Hong Kong Jockey Club has maintained longstanding links with the French racing sector, including through annual trophy races staged in both Hong Kong and Deauville.
Indonesia’s government has warned that nearly 200,000 children in the country have been exposed to online gambling, as authorities intensify efforts to combat illegal gambling activity and its social consequences.
Speaking at an anti-online gambling forum in Medan on Wednesday, Meutya Hafid, Indonesia’s Minister of Communication and Digital Affairs, said the figure included around 80,000 children under the age of 10.
The minister described the situation as a serious threat to the country’s future generations. “Online gambling is a scam with a system designed to ensure players almost always lose in the long run,” Hafid said.
Indonesia prohibits all forms of gambling under its criminal code, and authorities have in recent years stepped up enforcement efforts against offshore online gambling operators and related promotional activity targeting Indonesian users. Hafid said combating online gambling required more than simply blocking websites and conducting enforcement operations, emphasizing the importance of digital literacy and public awareness campaigns.
“We are not just blocking access or taking down sites. The most important thing is reaching the wider public with these facts so that awareness grows from within families and communities,” she said. The minister also raised concerns about the wider social impact of online gambling, particularly on women and children. According to Hafid, some families have reportedly experienced financial collapse and domestic violence linked to gambling addiction among family members.
Indonesia’s Ministry of Communication and Digital Affairs has continued efforts to block gambling-related websites and content, but Hafid said stronger cooperation was needed across government agencies, law enforcement bodies and digital platform operators.
She also warned that online gambling advertising on social media platforms had become increasingly aggressive in targeting Indonesian users. The ministry has urged major digital platforms, including Instagram, Facebook, TikTok and YouTube, to take more proactive measures in removing gambling-related content. “Online gambling is banned in Indonesia. All parties must share the same moral and legal responsibility,” Hafid said.
The minister also called on religious leaders, community organizations and families to act as the first line of defense against the spread of online gambling.
Executives from the gaming, sports and entertainment sectors said sponsorship support, talent development, logistics coordination and cross-border collaboration remain among the biggest challenges to expanding non-gaming and entertainment activities in Macau and Hong Kong, during a panel discussion held at the Asian IR Expo in Macau on Thursday.
The session focused on the integration of sports, culture and tourism as part of broader efforts to diversify regional tourism economies beyond gaming.
Speaking during the discussion, Jeffrey Jiang, executive vice president of entertainment services at Galaxy Entertainment Group, said sports events have evolved into broader tourism and lifestyle platforms capable of generating spending across integrated resorts and surrounding businesses.
“Nowadays, sports is beyond an event only. It’s an integration of fan experience, a leverage to the local business,” Jiang said.
He noted that restaurants, sports bars, retail outlets and tourism attractions all benefit when major sporting events and concerts are hosted at integrated resorts.
“The fans get together here, they enjoy the experience, they share on social media, which also brings extensive exposure for Macau, the city itself,” he added.
Sponsorship and funding remain major hurdles
Panelists said large-scale events in Hong Kong and Macau still depend heavily on sponsorships and government support, particularly given the limited size of local broadcasting markets.
Robbie McRobbie, general manager of sports and content development at Kai Tak Sports Park, said many events struggle to generate meaningful domestic broadcast revenue.
“For a lot of events in Hong Kong, you’re not going to derive much income from [broadcasting],” McRobbie said. “Without that support, putting on events [is] very, very difficult.”
McRobbie added that sponsorship and government funding were particularly important for emerging sports and entertainment events that lack established international media rights revenue.
The panel also discussed how organizers are increasingly adopting a “festivalization” model that extends events beyond the main competition itself through fan villages, retail experiences, food and beverage offerings, community activities and supporting entertainment programs.
Jiang said Galaxy had signed a three-year agreement with UFC to establish an annual “UFC Macau Week,” combining fight events with open workouts, community engagement activities and fan experiences throughout the week.
“We start to build up the IP to make it sustainable for the global audiences and the regional fans to come over,” Jiang said.
Cross-border audiences reshape event planning
Executives said cross-border tourism has become a defining trend for the regional entertainment industry following the COVID-19 pandemic.
According to Jiang, more than 65 percent of audiences attending live entertainment and sports events now travel across cities to attend events, while over 55 percent of Galaxy’s entertainment customers come from the Greater Bay Area, primarily Guangdong province.
Both speakers said managing transportation, border crossings and visitor flow has become increasingly important as Macau and Hong Kong host multiple large-scale events simultaneously during peak holiday periods.
“We work closely with the local police and local traffic to ensure the in and out and cross-border becomes relatively more smooth,” Jiang said.
Talent shortages and hotel capacity concerns
The panel also highlighted talent shortages and infrastructure constraints as ongoing challenges for the non-gaming sector.
McRobbie said venue development in Hong Kong and Macau had progressed faster than the supporting talent ecosystem.
“The hardware is in a pretty good place. The ecosystem in terms of the software, the talent pool etc. is just lagging behind a bit,” he said.
Jiang, meanwhile, pointed to Macau’s limited supply of mid-range hotel rooms as a challenge for attracting mass-market concertgoers and sports tourists.
“One critical thing in Macau is there are lack of let’s say four-star hotels in this city,” Jiang said, adding that the company was studying future hotel development options targeting non-gaming visitors and event audiences.
The panel concluded that recurring international events, local promoter development and increasing participation-based sports tourism could support longer-term growth in Macau and Hong Kong’s entertainment sectors.
