SJM Holdings

Stock performance

History

SJM is the successor to the gaming monopoly held from 1962 to 2002 by STDM, the company built by tycoon Stanley Ho that ran all of Macao's casinos for four decades. SJM, formed in 1989, received one of the three concessions when the market was liberalized in 2002, and its parent was listed in Hong Kong in 2008; Stanley Ho died in 2020.

Business model

SJM operates the Grand Lisboa and numerous other casinos on the Macao peninsula, many of them historically run as satellite casinos with partners, and opened its first Cotai resort, the Grand Lisboa Palace, in 2021. Under the 2022 concession rules, satellite casinos had to be phased out, pushing SJM to consolidate operations into its own properties.

Market position

SJM was long the largest operator in Macao but lost share to the newer Cotai resorts after 2002 and now competes as one of six licensed operators.

Country impact

As heir to the Ho family's monopoly, SJM remains a symbol of old Macao and a major employer of local workers. Its large presence on the peninsula ties it closely to the older urban core, where the closure of satellite casinos has affected surrounding businesses.