Good morning. The underdog will have its day. And SJM had its year, posting a strong increase in gaming revenue for FY24, as it aims to defy the odds. Their Cotai and peninsular properties both saw strong increases, but the management is upping its game on mass and non-gaming (including MICE) to try and compete with its well-developed peers. Meanwhile, in Malaysia, a recent court ruling calls into doubt how gaming operators can recover debts, with Naga getting the short end of the stick. But, more importantly, in the Philippines, the Asia Gaming Awards is set for March 18th, with nominations now open! Time to choose the best of the best!
What you need to know
- SJM sees a substantial financial recovery in 2024, with a 33.8 percent increase in net gaming revenue to $3.4 billion.
- Malaysia’s Federal Court rules in favor of businessman in gambling debt dispute with NagaCorp; strong implications for recovering debts.
- The Asia Gaming Awards nominations are now open! Join us in Manila to celebrate pioneers, entrepreneurs and regulatory visionaries.
On the radar
- Jeju Dream Tower casino sales drop 5.5% YoY in February.
- Universal Entertainment ‘considering measures to improve its governance’.
- NSW gov’t cancels commitment to remove 9.5K pokies before elections.
- Fitch: Macau GDP to grow 6.9% in FY25, boosted by mass gaming recovery.
- Macau gaming sector salaries rise, with managers leading the gains.
- China’s Vice-Minister of Public Security makes visit to Poipet border.
- MBS settles past debt as it moves forward with $9B loan for expansion.
AGB Intelligence
MACAU
SJM takes a slow burn towards recovery in FY24
Macau’s legacy gaming operator SJM had the advantage of long-term VIP play, and understanding the market. But that market has drastically changed, multiple times. Now the company’s financials are starting to show an understanding of what is needed to keep up with the competition, with a final shift to profit in FY24. Much potential remains, especially with $3.4 billion in net gaming revenue in 2024.
Industry Updates
- Hard Rock Digital partners with IBIA to strengthen betting integrity.
- ThrillTech secures ISO 27001 to boost 2025 expansion ambitions.
- Spinomenal inks partnership with Dutch operator Lucky7 Casino.
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