Casino group SJM Holdings Ltd says it is changing the name of the subsidiary that holds a Macau gaming licence, in order “better” to reflect the group’s “prominent position in the tourism and leisure business and its dedication to the development and operation of integrated resorts in Macau,” the parent said in a Wednesday filing in Hong Kong.
The casino permit-holding entity, Sociedade de Jogos de Macau SA, is now to be known as “SJM Resorts Ltd”.
Wednesday’s filing to the Hong Kong Stock Exchange said SJM Holdings would “soon open” its “newest flagship” property, the HKD39-billion (US$5-billion) Grand Lisboa Palace (pictured), a gaming resort in Cotai, “extending the traditions of its forerunners Hotel Lisboa and Grand Lisboa,” its main properties on Macau peninsula.
Grand Lisboa Palace would be “setting a new milestone in Macau’s development,” added the document.
According to SJM Holdings’ first-quarter highlights filed with the Hong Kong Stock Exchange on May 4, Grand Lisboa Palace is due to launch in the first half this year.
GGRAsia had this week approached SJM Holdings asking if a first-half launch of Grand Lisboa Palace was still contemplated, but had not received a reply by the time this story went online.
A recent memo from banking group Morgan Stanley suggested the latter’s launch could be put back to the third quarter.
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”We are hoping that within this year, by the end of the year, we will be able to open up the entire [Grand Lisboa Palace] property”
Daisy Ho Chiu Fung
Chairman of Macau casino operator SJM Holdings