GGRAsia – SJM supports Macau govt wish on non-gaming boost: Leong

SJM supports Macau govt wish on non-gaming boost: Leong

Oct 18, 2022 Newsdesk Latest News, Macau, Top of the deck

SJM Resorts Ltd, one of Macau’s six casino concessionaires and a bidder in the new public tender for fresh rights, supports the city goverment’s desire to have the gaming sector boost non-gaming in Macau’s tourism sector, says Angela Leong On Kei (pictured in a file photo), one of the firm’s directors.

Ms Leong was reading from a prepared statement at a company reception for the media on Tuesday to mark China’s National Day at the beginning of the month. She did not take questions following her comments. The event was held at the company’s Grand Lisboa property on Macau peninsula.

She said Macau’s gaming sector was now in a “stage of reform”, following 20 years of development.That was a reference to the two-decade-long public concession period stemming from market liberalisation at the start of the current century.

Macau’s six incumbent casino concessionaires and a newcomer, GMM Ltd – the latter a unit of Genting Malaysia Bhd – are now each in the process of bidding for one of up to six, 10-year, new concessions.

Macau’s gaming sector was set have a more “diversified” model, via non-gaming activities. Such an approach was backed by the Macau government, mentioned Ms Leong in her speech.

“SJM Resorts, as a company rooted in Macau, will definitely fully support the country’s development and the MSAR government’s policies,” said Ms Leong, referring to Macau’s status as a special administrative region (SAR) of China.

Ms Leong is also co-chairman and executive director of SJM Resorts’ parent, Hong Kong-listed SJM Holdings Ltd.

SJM Resorts’ recently-appointed managing director, Daisy Ho Chiu Fung, was also present at the event. She focused her prepared remarks on the current 20th National Congress in Beijing of the ruling Communist Party.

Ms Ho also declined to take questions from the media.

The Macau government had, amid discussion with the bidders in late September, “requested a much higher investment into non-gaming” as part of the new gaming concessions, said Credit Suisse (Hong Kong) Ltd in a recent memo, citing industry channel checks.