A unit of the group promoting the new Grand Lisboa Palace casino project in Macau has signed a deal with China’s leading duty-free retailer for the latter to be an “anchor” mall tenant at the new venue.
A Thursday press release from Sociedade de Jogos de Macau SA said China Duty Free Group Co Ltd would have its first non-airport retail unit in Macau at Grand Lisboa Palace. The outlet will be circa 7,500 square metres (80,729 sq feet).
SJM SA is a unit of Hong Kong-listed SJM Holdings Ltd and holds the current Macau gaming concession for the casino business founded by former monopolist Stanley Ho Hung Sun.
The whole resort, located in the Cotai district of the city, is to cost approximately HKD36 billion (US$4.6 billion) and is due to open in the second half of 2019, shortly before the expiry of SJM Holdings’ current Macau gaming rights in 2020.
The whole mall (pictured in an artist’s rendering) at the property will be 53,000 square metres, according to Thursday’s announcement.
Charles Chen, president of the Chinese duty-free operator, said in a prepared statement issued by SJM SA: “Macau [welcomed] 32.61 million visitors in 2017, amongst which 90.3 percent were tourists from Greater China.”
He added: “As a Chinese duty free company with deep understanding of the Chinese consumers, China Duty Free Group’s new duty-free store will bring even more quality products and shopping experience to customers, supporting Macau’s positioning as a world centre of tourism and leisure.”
Ambrose So Shu Fai, chief executive of SJM Holdings, said in his prepared comments that the newly-announced tenant would “enhance the retail offerings” of the new resort.
China Duty Free Group is a subsidiary of China International Travel Service Group Corp Ltd, the latter said to be China’s largest travel company.
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”If it makes business sense, [Las Vegas] Sands will for sure be back. They did not leave Japan… forever”
Managing director of Bay City Ventures Ltd, a Japan-based marketing consultancy.