The chief executive of Macau casino operator SJM Holdings Ltd, Ambrose So Shu Fai (pictured), said the firm has seen a recent uptick in its satellite casino business. Mr So said on Tuesday that the firm expects the soon to reopen Jai Alai complex to create a “synergy effect” with the adjacent casino venues and help grow the company’s gaming business.
SJM Holdings’ satellite casino business has improved as a result of a higher number of visitors to Macau, said Mr So as quoted by Hong Kong’s Chinese-language newspaper Ming Pao.
SJM Holdings had a total of 14 satellite casinos – or known as third-party promoted casinos – at the end of the third quarter of this year, the firm said in its unaudited financial results for the period. Most of its satellite casinos are located on Macau peninsula.
Mr So was also quoted as saying that the Jai Alai complex will create a “synergy effect” with the adjacent SJM Holdings’ property Oceanus, as well as Legend Palace. The later project is a casino hotel promoted by Hong Kong-listed casino services firm Macau Legend Development Ltd. Legend Palace, located at Macau Fisherman’s Wharf, is scheduled to open by year-end.
The SJM Holdings CEO confirmed on Tuesday that the mass gaming-focused Jai Alai complex – near Macau’s main ferry terminal on the city’s peninsula – is expected to reopen early next year.
Angela Leong On Kei, an executive director of SJM Holdings, had mentioned to reporters earlier this month that the Jai Alai complex will have “about 30 to 40” mass gaming tables when it reopens. But Ms Leong did not specify which part of SJM Holdings’ gaming business would supply the gaming tables for Jai Alai.
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”Many investors cite Golden Week as a catalyst to significant, sustainable visitation increases and a showcase for profitability for many casinos [in Macau]... However… we are concerned recovery estimates may again be pushed back”
Analyst at Roth Capital Partners