SJM extends Jai Alai building rental to end-2025

Mar 06, 2023 Newsdesk Latest News, Macau, Top of the deck  

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Macau casino operator SJM Holdings Ltd has renewed until December 31, 2025 an agreement to lease the premises of the Jai Alai building (pictured) from Angela Leong On Kei. Jai Alai is a tourism complex – where SJM Holdings runs a casino – near the Outer Harbour ferry terminal on the city’s peninsula.

Ms Leong is considered under Hong Kong Stock Exchange rules as a “connected person” of the casino firm, being a director of SJM Holdings. She is also the fourth consort of the firm’s late founder Stanley Ho Hung Sun, and mother of his youngest children, as well as being a member of Macau’s Legislative Assembly.

A Friday filing by the casino firm to the Hong Kong bourse said that the new agreement was effective from January 1, 2023. Under it, Ms Leong and her associates would be entitled within this year to a maximum of HKD37.4 million (US$4.8 million) in “rental and related payments” from SJM Holdings. The annual cap was set at HKD3.0 million for 2024 and the same level for 2025.

The Jai Alai site, which includes a gaming area, has been completely remodelled. The revamped site – including a 132-room hotel and shops – opened in November 2017.

SJM Holdings completed last year the acquisition of the premises of Oceanus, a venue with a casino, next door to Jai Alai. The casino firm took full control of that property by issuing convertible bonds in the amount of HKD1.91-billion to its majority shareholder, Sociedade de Turismo e Diversões de Macau SA, also known as STDM.

Last week, SJM Holdings said it had renewed a products and services master agreement with STDM, until end-December 2025. Such deal included, among others: hotel accommodation for gaming patrons and guests of SJM Holdings; entertainment services; laundry services; hotel management and operation services; and promotional and advertising services.

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