Macau gaming operator SJM Holdings is reportedly considering issuing offshore renminbi bonds as early as next month, which would mark the company’s first public bond offering in four years.
According to Bloomberg, the Hong Kong-listed casino operator is weighing a three-year renminbi offshore bond of at least CNY1 billion ($137 million). Proceeds would be used to support the company’s development projects in Hengqin and for general corporate purposes.
The plan, however, is not yet finalized and could be adjusted based on investor demand. If completed, the transaction would represent the first yuan bond issuance by a Macau casino operator since Galaxy Entertainment Group sold similar bonds in 2010.
The move underscores renewed financing interest among Hong Kong-listed companies as they seek to diversify funding channels. Investor appetite has been buoyed by a strong rally in Chinese and Hong Kong equities since September last year, making both markets among the best performers globally in 2025.
The potential bond issue comes as SJM accelerates its expansion into Hengqin, a region adjacent to Macau’s Cotai Strip, which could provide stronger synergies with its Cotai properties. In July, the company announced a CNY724 million ($101.2 million) investment in a new budget hotel project in Hengqin. The development, which involves the acquisition of office and retail units in a mixed-use complex developed by Zhuhai Hengqin Shun Tak Property Development, is linked to SJM Chair Daisy Ho and her sister, Pansy Ho – Chairperson of MGM China.
SJM has positioned the Hengqin project as a complement to its luxury resorts, including the Grand Lisboa Palace and Grand Lisboa, by targeting a wider range of visitors. The budget hotel, expected to open in early 2028 pending government approvals, is designed to lower operating costs while creating new revenue streams in the Greater Bay Area’s evolving tourism landscape.
SJM believes the Hengqin facility will help achieve more balanced growth in the post-pandemic environment, highlighting Hengqin’s role as a key part of its long-term strategy.
