Macau gaming firm SJM Holdings Ltd said the reason that renovation work on its Casino Jai Alai premises in downtown Macau had been suspended for 14 months was it had been awaiting Macau government approvals.
“Renovation work was restarted on the former Casino Jai Alai premises in May 2015, which had been suspended since February 2014 pending receipt of government approvals,” SJM Holdings said in its interim report for 2015 filed on Monday with the Hong Kong Stock Exchange.
The firm added it plans to reopen the building “around mid-2016”.
Brokerage Sanford C. Bernstein Ltd had said in a note in August that the reopening had been delayed from earlier guidance of spring 2016.
SJM Holdings said in its interim filing that as of June 30, it had entered into capital commitments in connection with the Jai Alai renovation project to a total value of approximately HKD655 million (US$84.5 million).
The firm said the revamped property would have 130 hotel rooms. Sanford Bernstein had mentioned in its August note the property would have 45 gaming tables, with the likelihood they would all be for mass-market players.
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"If the [Macau casino] concessions are put up for bid, there will also be a lot of giant Chinese companies, some having nothing to do with gaming, which would like to take over these enormously successful casinos”
Professor emeritus at Whittier Law School in California, in the United States, and a visiting professor at University of Macau