SJM
dez25 SJM Holdings Ltd – best-represented among Macau’s six gaming concessionaires in terms of traditional satellite casino business – could lose gaming market share in the remainder of 2025 and during 2026, suggests Seaport Research Partners. That and other pressures including the slow ramp up of its Cotai resort, Grand Lisboa Palace and significant debt, cloud the outlook for it restarting a dividend programme on its Hong Kong-listed stock, according to Seaport senior analyst Vitaly Umansky. Grand Lisboa and Casino Lisboa (pictured, right), the SJM group’s core properties on Macau peninsula, might not be able to hold onto former satellite business amid the rolling closure for the latter venues prior to January 1 next year, indicated Mr Umansky. “We expect SJM to lose market share during the rest of 2025 and in 2026 as the satellite businesses go away and Grand Lisboa Palace continues to struggle with share gain,” he stated in a Monday memo. Mr Umansky added: “While SJM will likely pi...