SJM Holdings Limited (SJMHF)

収益の仕組み

Most revenue is gross gaming revenue — the amount players lose at the tables and slot machines, split between mass-market play and the smaller, lower-margin VIP baccarat segment — plus smaller amounts from hotel rooms, dining and retail. SJM has been shifting its mix toward mass-market and self-operated casinos and away from VIP and satellite arrangements, which historically carried a larger cut of revenue for its junket and satellite-casino partners. The company reported a net loss for 2025 as satellite-casino closures weighed on results.

Macau limits casino gaming to six concessionaires, so SJM's license is a genuine barrier to new entrants — but that barrier is shared equally with five well-capitalized rivals, several of which operate newer, better-located resorts on the Cotai strip. SJM's own market share has been declining, down to 11.9% in 2025 from 13.1% a year earlier, suggesting the concession alone does not protect its competitive position.

Casino revenue follows tourism and disposable income in mainland China and the wider region, both of which swing with the broader Chinese economy and with government travel or currency-export policy toward Macau. Because fixed costs — casino floors, hotel staff, licensing fees — stay largely constant, a downturn in visitation compresses profit faster than it compresses revenue.