MACAU BUSINESS
of parent company Wynn Resorts. As the premium segment continues to lead the market in Macau, Wynn is looking at completing the expansion of The Chairman’s Club at Wynn Palace ahead of Chinese New Year.
SJM: AMID SATELLITE SHUTDOWN WAVE
SJM continues to rank last among the “Big Six” in terms of GGR market share and EBITDA, as the gaming operator controlled by the family of the late Stanley Ho continues to grapple with the impact and adjustment resulting from the closure of all but one satellite casino (only L’Arc is slated to continue operating upon the announced acquisition).
As expected, amid the planned satellite casino shutdown, SJM’s market share dropped to 11.8 per cent, the lowest postpandemic level since reopening.
WYNNWIN Q3
It was an allsmiles third quarter for Wynn Macau Limited, as the operator “comfortably met the elevated expectations of the market”, as put by J.P. Morgan’s DS Kim, Selina Li and Lindsay Qian.
In the July–September period, Wynn not only achieved both sequential and yearonyear growth in its two key indicators – GGR and EBITDA – but, for the first time, also saw its earnings exceed those of the same period in prepandemic 2019. Of its two Macau properties, Wynn Palace in Cotai shone brightest, delivering alltimehigh mass and slot revenue, with property EBITDA already 23 per cent above 2019 levels.
“With sustained double-digit market- wide growth in GGR, we continue to be optimistic about the future of Macau. The premium segment continues to lead the market in Macau” said Craig Billings, CEO
Selfrun casinos fared better, with 7 per cent GGR growth quarter to quarter.
SJM Holdings suffered a sizeable profit drop last quarter, with its thirdquarter profit down by over 91 per cent to HK$9 million (US$1.16 million / MOP9.27 million) compared with the same threemonth period of 2024.
On an upbeat note, SJM’s EBITDA in the July to September period was 28 per cent higher than in the second quarter.
Meanwhile, SJM’s decision to acquire the L’Arc Hotel and casino on the Macau peninsula for HK$1.75 billion (US$224.8 million) will strengthen the group’s core portfolio and boost earnings, analysts from J.P. Morgan considered. The deal, set to close on 18 December, will see Casino L’Arc Macau transition from a satellite venue to a selfowned, selfoperated property under SJM.
J.P. Morgan analysts described the purchase price as “attractive”, noting that the 283room hotel – located near SJM’s flagship Casino Lisboa and Grand Lisboa – is valued at about HK$6.2 million per room key.
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