{"id":33636,"date":"2022-09-20T03:17:33","date_gmt":"2022-09-20T06:17:33","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=33636"},"modified":"2026-04-23T04:44:43","modified_gmt":"2026-04-23T07:44:43","slug":"could-genting-be-seeking-to-partner-with-a-macau-gaming-operator","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/could-genting-be-seeking-to-partner-with-a-macau-gaming-operator","title":{"rendered":"Could Genting be seeking to partner with a Macau gaming operator?"},"content":{"rendered":"\n

Sanford C. Bernstein believes Genting’s bid for a Macau gaming concession could be an attempt to gain a partnership with an incumbent concessionaire.<\/p>\n\n\n\n\n\n\n\n

Macau.- GMM Limited\u2018s surprise participation<\/a> in Macau’s casino licence retender continues to attract speculation. The Genting-linked company was the only licence applicant that isn’t one of Macau\u2019s six current casino operators. And with all six existing operators expecting to see their licences renewed, people have questioned GMM’s plans. <\/p>\n\n\n\n

Sanford C. Bernstein has a theory. The brokerage believes Genting could be seeking to position itself as a potential rescuer “in the event that a concession holder experiences financial difficulties and may require a partner (such as SJM), or a potential buyer of a willing seller in the future,”<\/p>\n\n\n\n

GMM’s bid has been accepted on a conditional basis<\/a> while the other six bids have been accepted without conditions. Bids may be accepted conditionally if documents are submitted without non-essential formalities, or if the bidder has failed to submit the required documents due to justified circumstances beyond its control.<\/p>\n\n\n\n

Bernstein considered it unlikely that Genting would gain a concession at the expense of one of Macau\u2019s current casino operators. However, it believes that a financially vulnerable concessionaire, namely SJM, could partner<\/strong> with the Malaysian hotel and gaming group in the future.<\/p>\n\n\n\n

Analysts and commentators have long expressed concern about SJM’s liquidity. It’s been the operator with the most difficult financial position since the Covid-19 pandemic began. SJM Holdings<\/a>\u00a0<\/strong>reported a net loss of nearly HK$2.76bn (US$351.2m) for the first half of the year.<\/p>\n\n\n\n

Both the mass-market and VIP gaming segments performed below expectations, resulting in revenue falling 20.9 per cent year-on-year to HK$4.13bn (US$525.9m).\u00a0Adjusted EBITDA<\/strong>\u00a0came in at HK$1.18bn in comparison to a negative HK$510m recorded in the prior-year period.<\/p>\n\n\n\n

However, Ben Lee<\/strong>, managing director of IGamiX Management & Consulting, has suggested that if any company loses its licence it’s most likely to be Wynn Macau as it has done the least in terms of developing non-gaming offerings and building bridges with local authorities and Beijing.<\/p>\n\n\n\n

It is expected that the results of the public tender for the new 10-year gaming concessions will be ready by the end of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sanford C. Bernstein believes Genting’s bid for a Macau gaming concession could be an attempt to gain a partnership with an incumbent concessionaire.<\/p>\n","protected":false},"author":176,"featured_media":15860,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Sanford C. Bernstein speculates that Genting's GMM Limited's conditional bid for a Macau gaming concession is a strategic maneuver to secure a partnership or future acquisition opportunity with a financially vulnerable incumbent, specifically SJM Holdings. This analysis emerges amidst SJM's reported H1 net loss and ongoing liquidity concerns, although alternative views suggest Wynn Macau faces greater risk regarding non-gaming development commitments.","focusai_entities":"GMM Limited, Genting, Sanford C. Bernstein, SJM Holdings, IGamiX Management & Consulting, Ben Lee, Wynn Macau","focusai_location":"Macau, Malaysia, Beijing","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.75), operator_casino (0.95), investor_analyst (0.95), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Genting's Strategic Intent?","query":"What specific strategic assets or market access would Genting gain from a partnership with SJM Holdings, and how would this impact the competitive dynamics of Macau's gaming verticals?"},{"label":"SJM Liquidity Outlook?","query":"Given SJM Holdings' H1 financial performance, what are the projected liquidity requirements and potential capital raising strategies needed to secure its long-term concession and operational viability?"}],"footnotes":""},"categories":[157,16338,158],"tags":[23911,24145,23906],"class_list":["post-33636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","category-slider-home","tag-gambling-regulation","tag-genting-group","tag-macau-casinos"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/33636","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=33636"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/33636\/revisions"}],"predecessor-version":[{"id":33655,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/33636\/revisions\/33655"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/15860"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=33636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=33636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=33636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}