Published Monday, 11 May 2026 · Vol. 1 · No. 20 · Week of 11–17 May 2026 · Macau, SAR
SJM Swings to Q1 Loss as Wynn Posts Strong Print and Confirms US$950m Enclave Tower.
SJM reports a HK$62 million Q1 net loss on 21.1% revenue contraction, the first quarter without satellite contributions — but margins improve to 15.5%. Wynn Resorts posts Wynn Macau Ltd revenue +14.2% to US$989m, Adj Property EBITDAR +10.9% to US$279m. The Enclave at Wynn Palace gets formal board approval at US$950m, 432 all-suite rooms. LVS Q1 prints strong on MBS plus Macau. Cambodia formally designates scam-combat a top national priority.
By the Editorial Director · Reviewed against the published verification standard →
Corrections: corrections@surveillanceasia.com · log public
Contents · 5 sections
Executive Summary — SJM Holdings's Q1 2026 results, filed with HKEX on May 7, confirmed the first full satellite-free quarter and the cost of that transition. Net revenue contracted 21.1% to HK$5.90 billion (US$754 million) as the 18 satellite venues shuttered in December came off the books. Net gaming revenue fell 22.8% to HK$5.36 billion. The headline was the swing to a HK$62 million net loss (US$7.92 million) versus a HK$31 million profit in Q1 2025. Yet adjusted EBITDA margin expanded sharply, from 12.8% to 15.5% — the thesis that satellites were structurally dilutive is now empirically supported. Adjusted EBITDA eased only slightly to HK$917 million despite the revenue collapse.
SJM's market share continued to slide, to 9.6% from 13.5% in the prior-year quarter. The street response was divided: the share-loss narrative dominated the trading print (SJM closed -4.2% on May 7), but the margin-improvement story matches the Jefferies bullish case from mid-April. The pivotal question for the year is whether Grand Lisboa Palace can stabilise its top-line and pull market share back into double digits. Dr Ambrose So's retirement adds management uncertainty.
2 ·Wynn: a strong print and the Enclave gets formal board approval
Wynn Resorts reported on May 8 with Wynn Macau Limited aggregate Q1 operating revenues of US$989.2 million (+14.2% YoY) and Adjusted Property EBITDAR of US$279.4 million (+10.9% YoY). Wynn Palace carried the quarter: US$659.3 million in operating revenue (vs US$535.9 million prior), with EBITDAR up to US$203.8 million from US$161.9 million. Mass drop was up 19% and table handle 32%. Wynn Macau the property was approximately flat — US$329.9 million revenue (vs US$330.0 million prior), with EBITDAR down to US$75.6 million from US$90.2 million on softer VIP activity.
The earnings call's main news was Wynn's formal board approval of the Enclave tower at Wynn Palace at a US$950 million capital commitment. The 432-suite, all-suite luxury hotel will increase Wynn Palace's room inventory by approximately 25% and suite count by 50%, with construction starting in H2 2026 and target opening early 2029. Citi estimates US$150–175 million in incremental EBITDA at stabilisation. This is the first major new-build announcement at any of the six concessionaires since the 2022 concession renewals — a strategic signal that Wynn is investing into the renewal cycle ahead of the 2032 expiry.
CEO Craig Billings used the call to acknowledge the UAE delay: Wynn Al Marjan's Q1 2027 opening is officially intact but "under pressure" from regional Middle East tensions and supply-chain disruption. The geographic diversification thesis remains, but the Macau capex commitment is now decisively front-loaded relative to UAE.
3 ·LVS: Macau plus MBS deliver a beat
Las Vegas Sands posted Q1 2026 revenue of US$3.59 billion, net income of US$641 million, and adjusted property EBITDA of US$1.42 billion on April 22. Sands China contributed US$2.10 billion in net revenue (+23.6%), US$294 million in net income (+45.5%), and US$633 million in EBITDA. Marina Bay Sands added US$1.49 billion in net revenue (+28%) and US$788 million in EBITDA (+30%) on a doubling of VIP rolling chip volume. The combined APAC print is the strongest quarter LVS has reported since 2018. The stock rose 2% in after-hours trading.
4 ·Cambodia: scam combat now a national priority
The Cambodian government formally designated combat of scam-running casinos as a top national priority on May 5, citing reputational damage to legitimate sectors. The designation triggers cross-agency coordination protocols and provides the political cover for the next wave of enforcement actions. Three additional Sihanoukville properties were raided between May 1 and May 7, with more than 200 detentions. The new Anti-Technology Fraud Law (in force since April 17) is now the governing criminal regime for these actions.
5 ·Sources
- 1.SJM Holdings Q1 2026 results — HKEX, 7 May 2026
- 2.Wynn Resorts Q1 2026 — SEC Form 8-K, 8 May 2026
- 3.Wynn Macau Limited selected unaudited financial data — HKEX, 8 May 2026
- 4.Las Vegas Sands Q1 2026 — SEC Form 8-K, 22 Apr 2026
- 5.Cambodia enforcement announcement — Ministry of Interior, 5 May 2026
Weekly Brief · Vol. 1 · No. 20 · Published 11 MAY 2026 · Macau, SAR · © Surveillance Intelligence Asia · Corrections: corrections@surveillanceasia.com
Free by email
This brief is free by email twice weekly — Mondays and Thursdays, 6am Macau time.
Next in series →Macau's Deceleration Confirms H2 Headwinds as Reinvestment Rates Bite
07 MAY 2026