• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Thursday 29 May 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

CBRE: Macau satellite closures could provide unlikely boost to SJM’s Grand Lisboa Palace

Ben Blaschke by Ben Blaschke
Thu 6 Mar 2025 at 06:17
SJM confirms casino table, machine limits for Grand Lisboa Palace opening day

Grand Lisboa Palace

31
SHARES
776
VIEWS
Print Friendly, PDF & Email

Any closure of Macau’s satellite casinos at the end of this year could provide a boost to SJM Resorts’ Cotai property Grand Lisboa Palace (GLP) by providing an opportunity to relocate gaming tables, according to CBRE Equity Research.

There are currently 11 satellite casinos still operating in Macau of which nine are under the gaming concession of SJM. It remains unclear whether all or some will continue beyond 2025 given changes to the city’s gaming law which will from next year prevent satellite operators from engaging in revenue share agreements – replaced only by payment of a straight management fee.

In a note following release this week of SJM’s FY24 financial results, CBRE’s John DeCree said it remains unclear what the economics of the new operating and management structure could look like, and even if the satellite casinos will continue to be financially viable going forward.

However, while closures would create a headache for SJM in terms of staff redeployment, it could also create an opportunity for GLP given its slow ramp since opening in 2021.

“Any closures could open the door for SJM to reallocate some of that table capacity (and potentially customers) to GLP,” DeCree said.

“If GLP is successful in drawing more foot traffic, the incremental table capacity could help grow its mass market business.”

GLP captured 2.7% of Macau’s GGR market share in 4Q24, up 10 basis points quarter-on-quarter although still well below SJM’s target share for the property of 5%.

Seaport Research Partners analyst Vitaly Umansky remains critical of GLP’s performance, stating in a note of his own that ramp and ROI remains “abysmally low and unlikely to achieve anything approaching positive value creation vs cost of investment in the foreseeable future, if at all.

“The strategy around GLP is still being worked on,” he said, “with the company hiring additional sales and marketing staff over the last few quarters. This has resulted in cost escalations as expected, although GLP quarter-on-quarter opex rose 2% in Q4.

“Q3 had implemented an expanded premium play program (VIP and Premium Mass) at both GL and GLP. We expect the build out of marketing and service capability for premium mass to continue to take time.”

RelatedPosts

Ten Years Ago – Political designs

Ten Years Ago – Political designs

Wed 28 May 2025 at 16:26
Criminalization of illegal money exchange linked to 61.5% year-on-year increase in Macau’s gaming-related crime in 1Q25

Criminalization of illegal money exchange linked to 61.5% year-on-year increase in Macau’s gaming-related crime in 1Q25

Wed 28 May 2025 at 13:40
Macau GGR comes in at MOP$18.9 billion in April, up 1.7% year-on-year

Citi: Macau GGR jumped 16% week-on-week to US$85 million per day

Tue 27 May 2025 at 19:08
Macau welcomes record 993,117 visitors during seven-day Golden Week holiday

CLSA: Macau’s diversification push seeing more leisure tourists, lower spend per visitor

Mon 26 May 2025 at 05:50
Load More
Tags: CBRE Equity Researchgaming tablesGrand Lisboa PalaceJohn DeCreeMacausatellite casinosSJM Resorts
Share12Share2
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Call of Macau

Call of Macau

by Ben Blaschke
Wed 28 May 2025 at 17:55

The who’s who of the Asian gaming industry descended on Macau in early May for the 16th edition of G2E...

We like to party

We like to party

by Ben Blaschke
Wed 28 May 2025 at 17:28

The Industry Party returned to MGM Cotai on 8 May with around 400 guests attending to make it the largest...

Evolution Asia
Aristocrat
GLI
Mindslot
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Criminalization of illegal money exchange linked to 61.5% year-on-year increase in Macau’s gaming-related crime in 1Q25

Criminalization of illegal money exchange linked to 61.5% year-on-year increase in Macau’s gaming-related crime in 1Q25

by Pierce Chan
Wed 28 May 2025 at 13:40

In response to the criminalization of money exchange gangs, which came into effect in October 2024, there were 567 gaming crimes in Macau in the first quarter of 2025, representing an increase of 216 cases or 61.5% over the same...

Thailand: Keeping the dream alive

Maybank: Thailand tourism hits rock bottom as Chinese visitors stay away following earthquake, actor abduction

by Ben Blaschke
Wed 28 May 2025 at 12:14

Thailand’s tourism sector is said to have hit rock bottom, with a drastic fall in short-haul visitors – particularly those from China – having severely impacted the industry according to a note from Maybank Securities. At a time when the...

Galaxy, Melco and Wynn to attend major media event “Thai Entertainment Complex Roundtable” alongside Thai voices opposing entertainment complex industry

Galaxy, Melco and Wynn to attend major media event “Thai Entertainment Complex Roundtable” alongside Thai voices opposing entertainment complex industry

by Ben Blaschke
Wed 28 May 2025 at 06:58

Leading international integrated resort operators Galaxy Entertainment Group, Melco Resorts & Entertainment and Wynn Resorts will join prominent opposing voices of Thailand’s efforts to legalize casino gaming for an event unlike any other – the Thailand Entertainment Complex Roundtable (TECR)...

Kangwon Land GGR up 3.8% year-on-year on higher VIP play

Kangwon Land to support local SMEs in entering global slot machines and gaming technology market

by Newsdesk
Wed 28 May 2025 at 06:09

Kangwon Land, the only casino in South Korea at which locals are permitted to gamble, has launched an SME support program through which it will work with domestic suppliers to develop casino technology, including slot machines. The program, titled the...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English