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SJM sees 2026 “inflection point” as margins set to improve: Daisy Ho

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Macau gaming operator SJM Holdings is entering what it describes as an “important inflection point” in 2026. Completed table redeployments and ongoing portfolio upgrades are expected to support progressive improvements in profit margins and returns, according to Chairman and Executive Director Daisy Ho.

In its latest annual report released on Monday, Daisy Ho said the group believes the foundations laid in 2025 — a year marked by structural transition — position the company for a shift in earnings quality.

sjm
Daisy Ho

“With table redeployments completed and portfolio upgrades coming onstream, we expect to see progressive improvement in profit margins and stronger returns from our directly operated portfolio,” she said.

The statement follows a year in which SJM undertook significant operational restructuring, including the closure of multiple satellite casinos under Macau’s revised gaming framework.

The move led to short-term revenue disruption and a loss attributable to owners of HK$429 million ($54.7 million) in 2025, despite broadly stable gross gaming revenue of HK$28.62 billion ($3.65 billion) and adjusted EBITDA of HK$3.2 billion ($408.2 million).

Daisy Ho emphasized that the strategic shift toward directly operated properties is central to improving long-term performance. “Through disciplined execution and the strategic and systematic redeployment of tables and resources into directly operated properties, we are strengthening the quality and sustainability of our earnings base,” she said.

She added that a new operating framework is taking shape, enabling the group to enhance earnings quality, optimize cost structures, and exercise greater control over product and service standards.

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

As part of this transition, SJM has been consolidating operations on the Macau Peninsula, reallocating gaming tables and slot machines from closed satellite venues to self-promoted properties. The group also completed acquisitions of additional gaming space within Hotel Lisboa and the L’Arc Hotel, integrating them into its directly operated portfolio.

Upgrades across key assets are expected to further support the margin outlook. Hotel Lisboa is set to introduce more than 400 refurbished rooms in the second half of 2026, alongside phased openings of new gaming areas, while Grand Lisboa Macau continues to expand its room inventory and enhance facilities.

In Cotai, Grand Lisboa Palace has increased table capacity following the satellite transitions, introducing new gaming areas such as the Sky Phoenix West Tower VIP area, while converting the Dragon Pavilion to support premium mass operations. These adjustments form part of a broader effort to optimize floor mix and enhance returns from directly operated assets.

Management said it will maintain a focus on disciplined execution, cost control, and reinvestment strategies. With the impact of satellite closures largely absorbed, SJM aims to improve operating efficiency and expand its base of higher-quality customers as it transitions into its next phase of growth.

NOVOMATIC Americas fuels buzz at Indian Gaming Association Trade Show & Convention 2026

NOVOMATIC Americas demonstrated its industry leadership at the Indian Gaming Association Trade Show & Convention (IGA 2026), unveiling its latest innovations—including the stunning “Neon Nile” visual experience—and underscoring its focus on cutting-edge design, innovation, and performance-driven strategies.

From opening day through close, the NOVOMATIC Americas booth emerged as a high-interest destination on the show floor, drawing strong reaction from tribal operators, partners, and industry leaders across North America.

Key highlights from the event included sustained, high-quality booth traffic from key Class III tribal operators; particularly strong reception to RISING TREASURES link, including its recent debut on the Eilers & Krejcik Gaming performance index, reinforcing its position as a proven, performance-driven link; and VISION LINK, which drew significant attention for its scalable progressive architecture and future-ready flexibility.

NOVOMATIC Americas fuels buzz at Indian Gaming Association Trade Show & Convention 2026
NOVO Unity Pro

A standout on the show floor was the integrated presentation of VISION LINK with the outstanding 4-POD sign, creating a high-impact merchandising installation that elevated both the bank’s and the brand’s presence. Additional highlights included NOVO Unity Pro electronic table game innovations and strategic customer interactions focused on performance, growth, and expanding relationships across tribal gaming markets.

“This year’s IGA was about more than presence; it was about consistency and progress,” said Kathleen McLaughlin, VP of Marketing, Communications, and Corporate Accounts. “The customer energy and response to our new products, our people, and the evolving visual experience exceeded expectations and validated the direction we’re taking as an organization.”

NOVOMATIC Americas fuels buzz at Indian Gaming Association Trade Show & Convention 2026
NOVOMATIC Americas team at the Indian Gaming Tradeshow & Convention 2026

“We sincerely thank all customers, partners, and attendees who visited our booth and contributed to a highly successful event. With strong momentum and a clear focus on execution, we remain committed to delivering innovative gaming solutions that drive measurable results for our customers”, emphasized Sabine Stoppel, Managing Director at NOVOMATIC Americas.

Daily Asia Gaming eBrief: Billion-dollar Vietnam resorts struggle to break even

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Good morning. A heavy investment casts a long shadow before it sees the sun. Vietnam’s billion-dollar casino resorts continue to post losses despite rising domestic participation. Accumulated losses at Corona Resort & Casino exceeded $220 million by the end of 2025, as high capital and depreciation costs weigh on returns. Local players accounted for around 88 percent of casino revenue under the pilot scheme over the 2019–2024 period, yet profitability remains elusive. Meanwhile, Macau recorded 11.2 million visitor arrivals in the first quarter of 2026, up 13.7 percent year-on-year, driven by a 20.3 percent increase in same-day visitors. Separately, Sands China reported solid revenue growth in 1Q26 but continued margin pressure as the company prioritizes market share over near-term profitability.

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Corona Resort & Casino, Phu Quoc, Vietnam

Corona casino losses widen under Vietnam pilot scheme

Vietnam’s integrated casino resorts continue to report losses despite rising domestic participation under a pilot scheme allowing local gambling. Corona Resort & Casino recorded accumulated losses exceeding $220 million by the end of 2025, while Grand Ho Tram remains loss-making following its recent inclusion in the local gaming scheme, indicating that the policy’s impact may take time to materialize. High capital and depreciation costs continue to weigh on profitability, even as domestic players dominate revenue and resorts drive tourism growth.

Industry Updates


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GameTimeTec targets 2,000 casino partnerships, boosting global footprint by 2026

GameTimeTec is revolutionizing online casino entertainment through its “Gametime is Showtime” philosophy, offering premium, immersive gaming across a fast-growing global network.

Now live in over 700 casinos worldwide, the company is targeting an ambitious milestone of 2,000 casino partnerships by the end of 2026, reinforcing its strong growth trajectory.

With a portfolio of 59 titles spanning Showtime Slots, card games, crash games, and more, GameTimeTec is built on a singular conviction: every game must deliver a premium, Showtime experience that respects and rewards the player.

The Showtime Slots portfolio represents the studio’s creative hallmark—featuring cinematic visuals, immersive worlds, and reward-driven mechanics designed to engage players from the very first spin.

Key titles include:

• Bad Bunny’s Notorious Eggs (Hold and Win) – A viral Easter hit showcasing cultural relevance
• Juicy Jewels (Hold and Ladder Riches) – Known for escalating tension and vibrant rewards
• Genie’s 3 Wishes (Hold and Win) – A rich, mystical experience
• Glory of Olympus (Unlocked) – A mythology-driven slot with progressive rewards
• 4 Bells Fire (Hold and Win) – A high-energy slot with strong reward potential

GameTimeTec continues to push the boundaries of future-ready entertainment by integrating AI, immersive storytelling, and next-generation gameplay. Innovations such as the AI-powered Dealer Anna in Blackjack 21 enhance real-time, personalized player interaction, while Air Gold redefines the crash genre with its industry-first Miles Jackpot system.

Commenting on the challenge for 2026, GameTimeTec CEO said: “Our vision is to lead the next generation of iGaming through innovation, scalability, and unforgettable player experiences.”

Evoplay partners with Oleybet to expand its Brazil footprint

The award-winning game development studio Evoplay has further reinforced its position in Brazil’s regulated market through a new partnership with local operator Oleybet, which will make 24 of Evoplay’s titles available on Oleybet’s online casino.

The rollout supports the operator’s strategy to enhance its casino offering with visually rich content tailored to local player preferences.

Oleybet, a brand operated by Lindau Gaming S.A. in Brazil, continues to grow as a key player in the country’s evolving iGaming landscape, offering sportsbook, online casino and live casino products.

The brand is focused on delivering a high-quality and secure user experience, underpinned by robust compliance standards and a strong commitment to responsible gaming.

The partnership enables Evoplay to further expand its reach in one of Latin America’s most promising regulated markets, as Brazil continues to offer opportunities for both suppliers and operators.

By leveraging Sportingtech’s platform, the integration ensures a seamless rollout of Evoplay’s content, allowing Oleybet to scale its games offering while maintaining operational efficiency.

Alex Malchenko, Head of Sales at Evoplay, said: “Brazil remains a key focus for Evoplay, and partnering with Oleybet is another key strategic move in strengthening our presence in this dynamic market. Our portfolio is designed to deliver strong engagement across diverse player demographics, and we’re confident our games will resonate well with Oleybet’s audience as they continue to grow their offering.”

Robson Salvador, Ombudsman Director at Lindau, added: “We are very pleased to partner with Evoplay, a provider known for innovation and high-quality gaming experiences. This collaboration reinforces Oleybet’s commitment to offering a diverse and engaging portfolio to Brazilian players, always aligned with the highest standards of compliance and responsible gaming. We see this partnership as an important step in strengthening our positioning in Brazil’s regulated market.”

Macau hotel occupancy rises to 94.6% in 1Q26, rates dip 0.5%

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Macau’s hotel sector recorded an average occupancy rate of 94.6 percent in the first quarter of 2026, up from 94.3 percent a year earlier, while average room rates declined 0.5 percent year-on-year to MOP1,378.4 ($171), according to data from the Macau Hotel Association.

The data points to continued strong accommodation demand, with occupancy remaining above 90 percent across all categories. Five-star hotels led the market with a 95.4 percent occupancy rate, up 0.5 percentage points year-on-year, followed by four-star hotels at 90.6 percent. Three-star hotels posted a slight decline to 97 percent.

Room rates showed downward pressure across segments. Five-star hotel rates fell 0.5 percent to MOP1,540.9 ($191.2), while four-star rates dropped 2.2 percent to MOP1,126.5 ($139.8). Three-star hotels saw the sharpest decline, with rates down 4.9 percent to MOP928 ($115.1).

For March alone, overall hotel occupancy stood at 92.9 percent, down 0.8 percentage points year-on-year. The decline was observed across most segments, with five-star occupancy easing to 93.8 percent, four-star to 88.5 percent, and three-star to 95.8 percent. Despite softer occupancy, average room rates in March rose 3.3 percent year-on-year to MOP1,359 ($168.6), suggesting stronger pricing during peak periods within the month.

By segment, March room rates increased 4.2 percent for five-star hotels to MOP1,540.2 ($191.1), while four-star rates declined 3.4 percent to MOP1,040.4 ($129.1). Three-star hotels recorded a 3.1 percent increase to MOP935.8 ($116.1).

Sands China prioritizes growth over margins in 1Q26: CreditSights

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Sands China delivered a ‘decent’ set of first-quarter 2026 results despite weaker EBITDA margins, according to a CreditSights report, which maintained a Market Perform recommendation on the company’s U.S. dollar bonds.

CreditSights, part of the Fitch Group, said the results reflect a strategy prioritizing revenue growth over margins, noting that while margin pressure had been expected, ongoing customer-focused investments and reinvestment programs continued to support market share gains and topline growth.

The firm added that it ‘continue[s] to view the company as a solid hold for investors comfortable playing the Macau gaming space.’

Total net revenue rose 24 percent year-on-year to $2.1 billion in the quarter, driven primarily by strong performance across its casino portfolio, particularly at The Londoner Macao and Four Seasons Macao.

Adjusted property EBITDA increased 18 percent year-on-year to $633 million. However, EBITDA margin declined by 140 basis points year-on-year to 29.9 percent, reflecting higher operating costs tied to service-level investments and additional staffing.

CreditSights attributed the margin compression to ‘higher operating costs from ongoing service-level investments and additional staff hiring,’ alongside intensified competition in the premium segment. The report added that margins are expected to ‘continue trending marginally lower’ in the near term as Sands China focuses on revenue growth and market share expansion.

Despite this, the company’s customer reinvestment program continued to gain traction, lifting its mass market revenue share to 25.7 percent in 1Q26, the highest level in two years. Gross gaming revenue market share was also estimated to have improved to 25.9 percent during the quarter.

Casino operations remained the primary revenue driver, accounting for 78 percent of total net revenue, while hotel occupancy stayed near full capacity at around 98 percent across the portfolio. Retail performance was also strong, with tenant sales rising 37 percent year-on-year to a record quarterly level.

On the balance sheet, Sands China showed further improvement. Total debt edged down to $6.89 billion as of March 31st, 2026, while leverage metrics improved to 2.9x on a gross basis. Capital expenditure declined 55 percent year-on-year to $89 million, supporting positive free cash flow during the quarter. The company also repaid HK$2.4 billion ($307 million) of its revolving credit facility in April, which CreditSights expects will further strengthen debt metrics in the second quarter.

CreditSights expects continued revenue growth supported by service enhancements and customer-focused initiatives, although margin pressure is likely to persist amid competitive dynamics in Macau’s premium gaming segment.

New insights reveal what makes online casinos stand out in 2026

BestOnlineCasino expert highlights the growing importance of trust, transparency, and innovation in the online casino competitive market.

As competition intensifies across the global iGaming industry, new insights reveal that trust and transparency are emerging as the most important factors separating leading online casinos in 2026. While game variety and promotions remain key, players are increasingly prioritising platforms that offer clarity, consistency, and a high-quality user experience.

According to Ken Johnson, Chief Editor at BestOnlineCasino, the industry is shifting toward a more player-centric model where trust defines long-term success.

Ken Johnson

Game Innovation Driving Player Engagement

Online casino game development continues to evolve rapidly, with a growing demand for more creative and immersive experiences.

“We’re seeing a surge in popularity for unconventional slot games,” Johnson explained. “Developers are experimenting with themes inspired by indie games, horror, and fantasy, while also introducing more advanced mechanics to keep gameplay fresh.”

Live dealer games are also experiencing strong growth, supported by higher production values and a more interactive, social format.

“Live games are becoming more immersive and entertainment-driven, which aligns with the wider trend toward social gaming experiences,” Johnson added.

Bonuses Becoming More Transparent and Engaging

While welcome bonuses remain a key acquisition tool, operators are evolving their approach to meet rising player expectations.

“There’s a clear shift toward simpler terms and fewer hidden conditions,” said Johnson. “Players expect transparency—if they don’t get it, they’ll move on quickly.”

The industry is also seeing increased adoption of gamified reward systems, including:

  • Achievement-based bonuses
  • Daily and weekly challenges
  • Leaderboards and social competitions

These systems are designed to enhance engagement and create a more interactive experience for players.

Consistency and User Experience Drive Loyalty

Player retention is increasingly tied to consistency, usability, and overall platform quality.

“Loyalty comes from a reliable, enjoyable experience,” Johnson noted. “Players stick with platforms that are easy to use, offer fast payments, and communicate clearly.”

Key factors influencing player loyalty
  • Smooth mobile performance
  • Fast and secure payment systems
  • High-quality game portfolios
  • Regular rewards and promotions

Operators are also investing in production quality, particularly within live casino offerings, to create more polished and engaging environments.

Research Remains Essential for Players

With a growing number of platforms entering the market, experts recommend that players take a research-driven approach when choosing where to play.

“There’s more to choosing a casino than just a big bonus,” Johnson said. “Players should look for trustworthiness, usability, and strong game selection.”

BestOnlineCasino provides independent reviews and guides to help players navigate the market and make informed decisions.

Looking ahead to 2027 and beyond, technological innovation is expected to further reshape the online casino landscape.

  • Increased use of AI for personalization and user experience
  • Expansion of immersive, entertainment-driven platforms
  • Growth in social and community-based features
  • Continued evolution of live casino experiences
Ken Johnson

Billion-dollar Vietnam casinos struggle to turn profit under pilot scheme

Vietnam’s multi-billion-dollar integrated casino resorts continue to operate at a loss despite a surge in domestic participation under the country’s pilot program allowing local citizens to gamble, highlighting the persistent financial challenges facing large-scale gaming investments in emerging markets.

Financial disclosures from Phu Quoc Tourism Development and Investment JSC show that its Corona Resort & Casino in Phu Quoc recorded accumulated losses exceeding VND5.8 trillion ($220 million) by the end of 2025.

The figure widened by more than VND900 billion ($34.14 million) compared with the previous year, pointing to the ongoing pressure from high capital expenditure and depreciation costs associated with integrated resort developments.

Government data indicates that Vietnamese players have become the dominant revenue driver under the pilot scheme. While accounting for approximately 52 percent of total gamblers between 2019 and 2024, domestic players contributed around 88 percent of total casino revenue, according to figures cited by the Ministry of Finance. The disparity reflects higher spending levels among local players relative to international visitors, even as overall profitability remains elusive.

The Grand Ho Tram, Vietnam
Grand Ho Tram Resort

The Grand Ho Tram casino complex has reported persistent losses in recent years, predating its inclusion in the pilot program for local players, which only began in November last year. The continued losses have prompted its investor to seek an extension of the project’s completion deadline to December 2027, highlighting the longer-than-expected path to financial sustainability for large integrated resort developments in Vietnam.

Industry observers note that despite weak bottom-line performance, casino resorts remain a key pillar of Vietnam’s tourism strategy. The integrated resort model, combining gaming with hotels, retail, entertainment and convention facilities, continues to attract significant visitor volumes.

Phu Quoc, Vietnam
Grand World Phu Quoc

Phu Quoc, one of the country’s flagship resort destinations, welcomed more than 1.8 million visitors in the first quarter of the year, representing an increase of over 25 percent year-on-year. A substantial share of these visitors opted for all-in-one resort experiences, reinforcing the role of casino-linked developments in driving tourism growth.

Vietnam’s pilot program allowing local citizens to enter casinos under specific conditions was initially implemented exclusively at the Corona Resort & Casino in Phu Quoc, before being expanded in October last year to include the Grand Ho Tram complex. The phased rollout is consistent with the government’s cautious approach to channeling domestic demand into regulated environments. The program, which has since been extended beyond its original timeline, remains central to the sector’s revenue mix.

Vietnam-Van-Don-casino-plan, Halong Bay, Ha Long Bay
Ha Long Bay – Quang Ninh Province

A third major project in Van Don has yet to be completed and licensed, delaying its entry into the market and limiting the expansion of Vietnam’s integrated resort footprint.

Despite continued operating losses, the sector has delivered meaningful fiscal contributions. The Phu Quoc complex alone paid more than VND4.1 trillion ($155.54 million) in taxes and related contributions between 2019 and 2024, according to the Ministry of Finance, highlighting the government’s broader economic rationale for supporting the industry.

The contrast between strong revenue generation, growing domestic participation and persistent losses underscores the structural challenges facing Vietnam’s casino sector, where high upfront investment costs, regulatory constraints and evolving market dynamics continue to weigh on profitability.

Cambodia shuts 91 casinos in sweeping cyber scam crackdown

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Cambodia has shut down 91 casinos linked to online scam operations as authorities intensify a sweeping nationwide crackdown on cybercrime networks, in a move that underscores growing regulatory and geopolitical pressure on the country’s gambling and digital enforcement landscape.

The Cambodian government said it has raided more than 250 suspected scam centers over the past nine months, targeting operations believed to be involved in online fraud, illegal gambling and associated criminal activity. The closures form part of a broader campaign aimed at dismantling scam compounds and foreign-run networks that have increasingly drawn international scrutiny.

Authorities also confirmed that 13,039 foreign nationals from 33 countries have been deported for their alleged involvement in online scam operations. In addition, 241,888 individuals reportedly left Cambodia voluntarily between mid-January and April 19th as enforcement activity intensified, highlighting the scale and impact of the crackdown on the country’s foreign workforce and grey-market ecosystem.

The announcement followed a high-level visit by Chinese Foreign Minister Wang Yi to Phnom Penh, where he met Prime Minister Hun Manet on April 22nd. During the visit, Beijing urged Cambodia to strengthen its efforts against cross-border gambling and online fraud, describing such activities as a serious threat to public safety and regional stability.

The issue has become a key element in Cambodia’s bilateral relations with China, which has been increasingly vocal in calling for coordinated regional action against transnational cybercrime networks. Chinese authorities have repeatedly expressed concern over scam operations targeting mainland citizens from bases in Southeast Asia.

According to official statements reported by Xinhua News Agency, the 91 casinos were identified as either directly operating scam activities or facilitating online fraud networks. The closures signal a more aggressive stance by Phnom Penh toward land-based venues suspected of acting as fronts or infrastructure hubs for illicit digital operations.

The crackdown also coincides with a tightening of Cambodia’s legal framework. A new law on combating online scams came into force on April 6th, introducing significantly harsher penalties for those involved in such activities. Under the legislation, operators whose scams result in fatalities face prison terms ranging from 15 to 30 years or life imprisonment. Ringleaders can receive between five and 10 years in prison, rising to 10 to 20 years in cases involving violence, human trafficking, illegal detention or forced labor. Lower-level participants face sentences of two to five years.

sjm

The law was promulgated by royal decree signed by Hun Sen, acting as head of state, following final approval by the Senate on April 3rd, and took immediate effect.

Cambodian authorities have framed the campaign as a long-term effort requiring coordination between domestic agencies, foreign governments and international partners. The government has also indicated that the crackdown is intended to restore the country’s international reputation, which has been affected by persistent reports linking Cambodia to scam compounds, human trafficking and forced labor operations.

Regional and international pressure has intensified in recent months. Reports have highlighted the rapid expansion of cyber scam networks across Southeast Asia, particularly in Cambodia and Myanmar, where criminal groups are alleged to operate large-scale fraud schemes targeting victims globally. Governments, including the United States, have responded with enforcement measures such as sanctions and criminal charges against individuals and entities tied to these networks.

Following his Cambodia visit, Wang continued his regional tour to Thailand, where discussions also focused on strengthening cross-border cooperation against cybercrime and illegal online gambling.

The closure of 91 casinos represents one of the most visible enforcement actions to date and signals a shift toward more direct intervention in the intersection between land-based gambling infrastructure and online criminal activity. It also suggests that Cambodia is seeking to demonstrate tangible progress as scrutiny increases from China, the US and other regional stakeholders.