Good Morning. Under pressure. Macau’s legacy gaming operator SJM is set to face challenges to both market share and earnings through 2026, as its satellite casinos are forced to close by the end of 2025. Analysts say its flagship Cotai property continues to lag, facing increased competition from other IRs on the Strip. Also in Macau, expectations are for December GGR to accelerate by up to 21 percent yearly, propping up the fourth quarter results. Looking to Cambodia, NagaCorp received good news twice – in the form of ratings upgrades, as the cancellation of a proposed share scheme to fund its Naga 3 project improves its financial position.
What you need to know
- SJM Holdings is expected to endure ongoing market share and earnings pressures through 2026 due to satellite casino closures.
- Macquarie expects Macau December GGR to accelerate to 13–21 percent year-on-year growth, outperforming the one-digit growth outlook for FY25.
- Citigroup double upgrades NagaCorp, citing reduced Naga 3 project scale, lower development costs and the removal of a major dilution overhang.
On the radar
- Soo Kim new The Star Chairman, Bruce Mathieson Jr shifting to CEO.
- Wynn Al Marjan Island project reaches topping out milestone.
- Macau to achieve pre-pandemic visitor levels with 39M arrivals.
- DigiPlus signals resilience amid regulatory shifts.
- PointsBet sees CEO transition, co-founder Sam Swanell stepping down.
- Philippine Police to increase border patrols to curb any POGO activity.
- Pheu Thai Party nominates Thaksin’s nephew as Thai PM candidate.
AGB Intelligence
MACAU
SJM facing continued pressure through 2026, lagging competition
Macau gaming operator SJM is likely to see continued pressure to compete even through next year, with earnings and market share unlikely to rise given the strong rivalry with better-positioned integrated resorts on the Cotai Strip. Analysts point to the ongoing lag from its Grand Lisboa Palace property and the closure of its satellite casino operations by year-end. While the relocation of tables from the satellite operations to its primary venues will help, added costs continue to stack up.
Industry Updates
- PAGCOR Chief marks milestone at PMAAAI Leadership Center launch.
- SJM reinforces commitment to occupational safety and employee well‑being.
- 1xBet’s 2025 Outlook: revisiting the Indian market and global reach.
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