Macau's 11th COVID-19 Case Threatens Casino Recovery and SJM Holdings' Profits

One more infection could derail Macau's fragile rebound. SJM Holdings bets on its new Grand Lisboa Palace to revive profits—but time is running out.

, and Administrator

2026 May 5 . 11:02 AM

1 min read

The image shows the MGM Grand Hotel and Casino in Macau, China. We can see vehicles on the road,... — The image shows the MGM Grand Hotel and Casino in Macau, China. We can see vehicles on the road, people walking on the footpath, poles, lights, boards, plants, trees, and buildings in the foreground, and the sky in the background.

Macau's 11th COVID-19 Case Threatens Casino Recovery and SJM Holdings' Profits

Macau has confirmed its 11th coronavirus case, raising concerns about delays in lifting travel restrictions. The ongoing outbreak continues to impact local businesses, particularly the casino industry. SJM Holdings, one of the city’s major gaming operators, has warned of financial setbacks due to the pandemic. Founded in 1962 by Stanley Ho, SJM Holdings once held a monopoly on Macau’s casino market until 1999. Today, its market share has dropped below 15% as new competitors entered the scene. Despite this, the company reported strong 2019 results, with gross gaming revenue reaching $4.27 billion and net profits rising 12.5% to HKD3.21 billion ($401.1 million).

The company’s CEO, Ambrose So Shui Fai, highlighted growth in adjusted EBITDA and net profit last year. However, the COVID-19 outbreak is now expected to hurt first-half 2020 earnings—and possibly beyond. SJM Holdings operates multiple casino hotels, including the iconic Grand Lisboa in downtown Macau. In response to shifting market conditions, the firm is preparing to open the Grand Lisboa Palace in the second quarter of 2020. The new resort is designed to attract high rollers and regain lost VIP market share. Daisy Ho, Stanley Ho’s daughter, currently serves as chairperson and executive director, overseeing the company’s strategic moves.

The new coronavirus case in Macau may extend restrictions, further straining the gaming sector. SJM Holdings faces financial challenges ahead, though its upcoming Grand Lisboa Palace could help offset losses. The company remains focused on recovering its position in the competitive VIP market.