Casinos and Gaming

SJM HOLDINGS

Morningstar Downgrades Galaxy Entertainment's EBITDA Projections and Valuation

Aobo Holding Announces Q1 Earnings with Multiple Brokers Providing Ratings

SJM Holdings to release FY2026 Q1 earnings on May 7 Pre-Market (BJT), forecast revenue HKD 5.952 B, EPS HKD -0.01

Jefferies Report: SJM's Q4 EBITDA and Revenue Below Expectations

SJM Holdings released FY2025 Q4 earnings on March 5 After-Market (BJT), actual revenue HKD 6.765 B (forecast HKD 6.667 B), actual EPS HKD -0.0173 (forecast HKD -0.0353)

SJM Holdings released FY2025 Annual Earnings on March 5 After-Market (BJT), Actual Revenue: HKD 28.17 B (Forecast: HKD 28.76 B), Actual EPS: HKD -0.0604 (Forecast: HKD -0.0341)

SJM HOLDINGS released FY2025 9 Months Earnings on March 5 Pre-Market (BJT), actual revenue HKD 21.4 B, actual EPS HKD -0.0433

SJM Holdings released FY2025 Q3 earnings on March 5 Pre-Market (BJT), actual revenue HKD 6.765 B (forecast HKD 7.187 B), actual EPS HKD -0.0173 (forecast HKD 0)

SJM Holdings to Release FY2025 Annual Earnings on March 5, 2026 After-Market (BJT), Forecast Revenue HKD 28.76 B, EPS HKD -0.0341

Aobo Holding repurchased and cancelled $170 million of its 2026 notes

Morgan Stanley Report: Macau's VIP Table Revenue Up 45% in Q4

Aobo Holdings Increases Loan Quota to Acquire Galaxy Casino

JPMorgan Downgrades Macau Gaming Sector Profit Projections and Adjusts Company Ratings

CLSA Sees Weak Q4 Performance for Galaxy Entertainment, Cuts Price Target

Aobo Holding to Issue $540 Million 6.5% Senior Notes

Fitch Conducts Negative Outlook Rating Analysis on Auspen Holdings

AOBO Holdings Initiated Purchase Offer for 2026 Notes

Aobo Holding plans to issue US dollar denominated preferred notes

Avenue of Stars Operated Directly by SJM Holdings, with Gambling Tables Increasing to Over 100

Avenue of Stars Completes Acquisition of Kam Tang Hotel and Takes Over Operations

CH DEMETER FIN

FAMEGLOW

LUEN THAI

NEW GONOW RV

REF HOLDINGS

PARADISE ENT

WEBX HOLDING

HAICHANG HLDG

BEST FOOD HLDG

INTELLIMARK W27

02282

01128

01928

GXYYY

00200

MLCO

00027

00880

WYNN

Latest data from the Macau Financial Services Bureau showed that cumulative gaming tax revenue for January to April this year amounted to 34.872 billion Macau patacas, up 16.9% YoY, reaching 37.7% of the full-year budget target. (su/j)

AASTOCKS News

MGM CHINA

WYNN MACAU

MGM Resorts

SANDS CHINA LTD

Galaxy Entertainment Group

MELCO INT'L DEV

Melco Resorts & ENT

GALAXY ENT

Wynn Resorts

VanEck Gaming ETF

Macau JanApr Cumulative Gaming Tax Revenue Up 16.9% YoY, Reaching 37.7% of Full-Year Budget

UBS has maintained a Sell rating on SJM Holdings (SJMHF) with a price target of HK$2.20, while the shares closed at HK$2.10. The analyst consensus suggests a Moderate Sell rating with an average price target of HK$2.12, indicating a 0.73% upside. Additionally, Citi also holds a Sell rating with a price target of HK$1.80.

Tip Ranks

UBS Group AG

Citigroup

CITIGROUP INC 6.250 NON CUM SER II PFD WI

UBS Sticks to Their Sell Rating for SJM Holdings (SJMHF)

SJM Holdingsreported a loss of HKD62 million for Q1, down from a profit of HKD31 million last year. Total net revenue fell 21.1% YoY to HKD5.903 billion, with net gaming revenue down 22.8% to HKD5.364 billion. Adjusted EBITDA decreased 4.3% YoY to HKD917 million, while the adjusted EBITDA margin rose to 15.5%. VIP gaming revenue increased 16.1% YoY, but mass market and slot machine revenues declined. The Group's cash and deposits totaled HKD3.414 billion against total debt of HKD30.209 billion.

SJM HOLDINGS 1Q Results Swing into Loss of $62M; Adj. EBITDA Down 4.3%

SCHYY

On May 4, during the Mainland "May Day" holiday, Macau recorded 152,000 inbound visitors, contributing to over 749,000 total passenger trips across border checkpoints. Outbound visitors numbered 174,000, with the Barrier Gate Checkpoint, Hengqin Port, and Hong Kong-Zhuhai-Macao Bridge being the main entry points. Previous days saw inbound visitors at 203,000, 247,000, and 182,000 respectively.

- On May 4, during the fourth day of China's "May Day" holiday, the Macau Public Security Police reported over 749,000 border crossings.  
- A total of 152,000 visitors entered Macau, while 174,000 visitors exited, with primary checkpoints being the Gongbei checkpoint, Hengqin port, and the Hong Kong-Zhuhai-Macau Bridge checkpoint.  
- Earlier reports indicated the number of inbound visitors on the first three days of the holiday was 203,000, 247,000, and 182,000 respectively.

Sands China

Las Vegas Sands

Macau Logs 152,000 Inbound Visitors on Fourth Day of "May Day" Holiday

CICC reported that Macau's gross gaming revenue (GGR) in April increased by 5.5% year-on-year, slightly below market expectations of 6.5%. Month-on-month, GGR fell by 12%, reaching 84.3% of April 2019 levels. The subdued performance was attributed to the low season, lower win rates, and stricter regulations. VIP gaming revenue dropped 46% to 55% compared to April 2019, while mass-market revenue rose by 11% to 19%. CICC forecasts May GGR between MOP21.7 billion and MOP23.3 billion, with a year-on-year growth of 2% to 10%.

CICC

CICC: Macau Apr GGR Largely In Line

Haitong International forecasts an 8% year-on-year increase in Macau's GGR for May, following a 5.5% rise to MOP19.894 billion in April. The average daily GGR in April was MOP663 million, down 9.1% from March, indicating seasonal softening. Year-to-date, total industry revenue is up 12.1% YoY, reaching 86% of 2019 levels. Despite a decline in hotel room rates during the May Day Golden Week, occupancy rates improved. The expected growth in May would bring total industry revenue to 88.2% of the 2019 level.

Haitong International Expects Macau May GGR to Rise 8% YoY

Macau's gaming tax revenue for Q1 2026 increased by 15.9% year-on-year, totaling 25.8 billion Macao patacas, according to the Macao Financial Services Bureau. Additionally, the fiscal surplus for the same period rose by 43.96% year-on-year to 13.643 billion Macao patacas.

- The Monetary Authority of Macao reported that gaming tax revenue for the first three months of this year reached 25.8 billion Macao patacas, a year-on-year increase of 15.9%.  
- The fiscal surplus in Macao for the same period grew by 43.96%, reaching 13.643 billion Macao patacas.  
- These financial indicators reflect a positive trend in Macao's economy during the first quarter.

Macau 1Q26 Gaming Tax Revenue Up 15.9% YoY

BETZ

Citigroup lowered its forecast for Macau's April gaming revenue to MOP 20 billion, citing that the win rate in VIP rooms is below normal levels. The report noted that Macau's gaming revenue for the first 19 days of April was approximately MOP 12.4 billion, with an average daily revenue of MOP 636 million, an increase of 1% compared to the previous week. It is expected that the average daily revenue for the remainder of the month will be MOP 691 million. Citigroup believes that the Weibo International Entertainment Gala may alleviate the weak gaming revenue before the Labor Day Golden Week

AASTOCKS

Roundhill Sports Betting & iGaming ETF

Weibo

WB-SW

Under the banner of "Big Banks," the forecast for Macau's April gaming revenue has been downgraded to MOP 20 billion

UBS expects that the EBITDA of the Macau gaming industry in the first quarter will grow by 10% year-on-year, reaching USD 2.1 billion. The report indicates that gaming revenue will increase by 14% year-on-year, reaching USD 8.14 billion, mainly driven by the growth in mass market gaming revenue. Sands China, WYNN MACAU, and Melco Resorts have seen an increase in market share, while SJM HOLDINGS, MGM CHINA, and GALAXY ENT have experienced a loss in market share. With no headwinds from one-time operating expenses, EBITDA grew by 4% quarter-on-quarter

UBS expects Macau's gaming industry EBITDA in the first quarter to increase by 10% year-on-year to USD 2.1 billion

SJM HOLDINGS(00880.HK)