SJM Resorts appears to be taking some market share in the base mass segment as rival concessionaires focus their energies on the lucrative premium mass segment, according to an overnight note from Seaport Research Partners.
However, the slow ramp of Cotai resort Grand Lisboa Palace and overhang from satellite casino uncertainty is negatively impacting more meaningful market share gain in the long-term.
The update follows SJM’s 1Q25 earnings call on Tuesday, with the company having reported a net profit of HK$31 million for the quarter, down from HK$64 million in 4Q24. Adjusted EBITDA also came in below expectations at HK$958 million despite SJM showing considerable improvement compared with the same period in 2024.
