SJM Holdings, the Macau casino empire founded by the late gambling tycoon Stanley Ho, is burning through its cash reserves as the Chinese territory tightens a zero-Covid regime that has already sent gambling revenues plunging.
Macau began mass coronavirus testing on Sunday to contain its worst outbreak yet, prompting falls in Hong Kong-listed casino stocks including SJM, which ended on Monday down 3.2 per cent.
Analysts have highlighted concerns about the cash available to SJM. JPMorgan said in a note on Sunday that SJM’s liquidity would be enough to sustain it until March next year if it was not able to generate any revenues, the shortest period among Macau’s big casino operations.
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