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SJM Holdings Ltd 00880 Stock Quote

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Morningstar‘s Stock Analysis 00880

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Genting Bids for Macao’s Gaming Concession, but Unlikely to Threaten Existing Players

Jennifer Song Senior Equity Analyst

Analyst Note

| Jennifer Song |

Malaysia Genting Group’s participation in Macao’s gaming concession bidding surprised the market, which brings some uncertainty as to whether the existing players will win renewed licenses, given Genting’s strong presence in global gaming markets and successful track record in diversification of non-gaming business. Nevertheless, we think Genting’s bid is unlikely to threaten the existing players’ competitiveness in the tendering process, as the six have put two-decade efforts in supporting Macao’s economy and employment, which include more than two years’ downturn resulting from COVID-19 restrictions. We think it is unlikely for the Macao government to rule out any of the six, if they could meet the requirements of the new concession tendering process. As such, our base-case scenario is unchanged, which assumes all six existing casino operators would be granted new gaming concessions, and we keep our fair value estimates of Macao casino operators unchanged.

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Key Statistics 00880

Company Profile 00880

Business Description

SJM Holdings--one of six casino license holders in Macao--operates Grand Lisboa casino in the peninsula and Grand Lisboa Palace in Cotai, the latter was opened in July 2021. In addition to self-promoted casinos, there are also 14 satellite casinos operating under SJM's gaming license currently.

Nos. 168 – 200 Connaught Road Central, 18th Floor, China Merchants Tower
Central, Hong Kong
T +852 39608000
Industry Resorts & Casinos
Most Recent Earnings
Fiscal Year End Dec 31, 2022
Employees 19,400