Fitch flags SJM debt and satellite casino market-share risks in Macau
Fitch said SJM Holdings’ credit profile will depend on how much business it retains from closing satellite casinos and on the terms of related acquisitions. Its base case assumes SJM keeps around two-thirds of that market share; Fitch also moved the company’s outlook to Negative from Stable on 12 September, citing slower deleveraging and weaker-than-expected Grand Lisboa Palace results.
SJM’s satellite restructuring and debt outlook affect the expected profitability and financing of its Macau casino operations.