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Hong Kong-listed SJM Holdings Limited is responsible for more than 20 gambling-friendly venues in Macau, including the iconic casino Grand Lisboa Real Estate and the recently premiered Grand Lisboa Palace facility. However, JPMorgan Chase and Company analysts Libby Liu, Amanda Cheung and DS Kim have reportedly declared the company's liquidity position "a bit concerning" because "outside financing" may be required due to "delayed loan refinancing efforts pending government approval."

Read the JPMorgan Chase & Company trio's resources…

"In addition, please note that SJM Holdings Limited' operating costs are likely to rise from the second half of this year, with some satellite casinos likely to be closed, as SJM Holdings Limited believes it will have to draw gaming employees to its own payroll. This will further shorten the flow runway."

Harmful demotion:

Inside Asian Gaming reports that the latest advice related to SJM Holdings comes about two months after renowned credit rating agency Fitch Ratings downgraded the operator's long-term foreign currency issuance default rating and senior unsecured rating from "BB+" to "BB." Sources explained the move reflects the casino company's slow pace in procuring new lending facilities, along with uncertainty over extending local permits.

Operator Optimism:

Nevertheless, SJM Holdings Chairman Daisy Ho, pictured, reportedly expressed confidence in the company's "continuation of its future presence in Macau" in an official statement last week. The declaration reportedly reflected claims by JPMorgan Chase and a trio of Companies that the casino company's licensing concerns had recently "decreased, although not significantly eliminated."

Leading light:

The JPMorgan Chase & Company note reportedly advised investors that the five remaining casino operators in Macau are thought to have enough liquidity to sustain a slowdown of at least 18 months, despite current levels of demand close to border closures with China.