Good Morning. More satellites in the sky and less on the ground. For SJM, the closure of its satellite casino operations throughout last year had a significant impact, with the company registering a $55 million loss for FY25. However, its Cotai property, Grand Lisboa Palace, saw positive upticks, while redeployment of the group’s tables and opening of new gaming areas aim to boost revenues this year. In Australia, a federal court judge has ruled that former The Star CE Matt Bekier is liable for not mitigating junket-related risks, especially those of former Macau top-junket Suncity. Also in legal news, SkyCity is facing a lawsuit, challenging the legality of its online casino and ‘monies lost’ to it.
What you need to know
- SJM returns to loss with $55M deficit in 2025, as EBITDA drops 15% following satellite casino closures and restructuring.
- Former The Star CE Matt Bekier broke the law by not mitigating risks linked to junket operators including Suncity: judge.
- SkyCity facing lawsuit over ‘gambling monies lost’ to SkyCity Online, unnamed party challenges legality of online operation.
On the radar
- Belle Corp raises $4.78M via share sale for ‘forthcoming projects’.
- Housing/remote work from abroad options for Wynn UAE employees.
- SJM to close New Yaohan department store at GLP by year-end.
- Entain sees $8.55B net gaming revenue in FY25, Australia down 6%.
- China sets lowest GDP growth target in 35 years.
AGB Intelligence
RESULTS
SJM returns to red with FY25 $55M loss
Macau legacy gaming operator SJM registered a $55 million loss and a 15 percent drop in EBITDA, following the closure of its satellite casinos in the SAR last year. However, the group’s operations at its Cotai Strip resort Grand Lisboa Palace saw a much-needed uptick, and SJM is boosting its peninsular offerings with a new gaming area at the Lisboa complex, aiming to shuffle former satellite customers in the door.
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