MGM Latest Report

Performance Review

SJM's total operating revenue in 2024 was US$4.347 billion, a slight decrease of 0.66% from US$4.376 billion in 2023. This change reflects the pressure faced by SJM in terms of revenue, possibly due to factors such as market conditions, intensified competition, and adjustments in its internal operating strategies.

Key Data from the Financial Report

1. SJM's total operating revenue in 2024 was US$4.347 billion, a year-on-year decrease of 0.66%.

2. Net revenue in Q3 was US$4.2 billion, falling short of analysts' expectations of US$4.21 billion, indicating pressure on the company's revenue.

3. Both VIP and mass business saw a decline on a quarterly basis, with VIP/mass market share falling to 5.7% and 17.4%, respectively, and overall market share falling to 14.7%.

4. Although certain quarterly market share rebounded, the intensified industry competition may have affected the company's market share.

Peer Comparison

1. Industry-wide analysis: The entertainment and tourism industry faced challenges in revenue recovery in 2024, despite signs of recovery, consumer confidence and spending remained volatile. Overall operating revenue failed to fully recover to pre-pandemic levels.

2. Peer evaluation analysis: SJM's operating revenue decline was relatively small, but its competitive position in the industry needs attention. If other companies in the same industry perform well while SJM experiences revenue decline, its market strategy and customer appeal may need to be re-examined.

Summary

The comprehensive analysis shows that SJM's operating revenue decline is mainly affected by the intensified competition, changes in the economic environment, and adjustments in its internal operating strategies. Although the company still has positive performances in some areas, the overall revenue decline signals potential market risks and business challenges.

Opportunities

1. SJM may maintain its market share through enhancing customer experience and optimizing services in the competition.

2. The company's revenue growth is mainly due to the rise in win rate, indicating the potential for adjusting its business strategies.

3. There are signs of recovery in the industry, and if SJM can seize the market opportunities, it may achieve revenue growth.

Risks

1. The continuous intensification of industry competition may lead to further loss of market share.

2. Uncertainty in the economic environment may affect consumer spending, which in turn affects operating revenue.

3. If business strategy adjustments are not effectively implemented, revenue may continue to decline.