New casino hotel to add in Macau: SJM’s Grand Lisboa Palace has passed final inspections
A large number of current employees will transfer to the new Cotai property, the CEO of SJM Holdings noted.
A 270 room Karl Lagerfeld hotel in Macau is in the works with SJM
Macau casino operator SJM Holdings says its Cotai property, the USD 5 billion Grand Lisboa Palace, has now passed the government’s “final inspections”.
In an annual report issued on 22 April, the chief executive of the company, Ambrose So Shu Fai stated, “At Grand Lisboa Palace, we have passed several of the final government inspections, and we expect to receive our operating permit soon.”
SJM Holdings has anticipated the Cotai project will open “during the first half of 2021,” according to previous information.
Mr So added: “The subsequent opening of the Grand Lisboa Palace will relieve some of the cost pressures on our existing operation, as we will be able to transfer a large number of current employees to the new property.”
A rebirth to Macau’s tourism
The Grand Lisboa Palace project comprises three hotel towers: Grand Lisboa Palace, Palazzo Versace and Karl Lagerfeld, which in aggregate provide approximately 1,900 rooms.
The Cotai project also has event space, and will offer shopping, dining and entertainment, as well as a casino.
JP Morgan said in a recent report it expected the gaming facility at Grand Lisboa Palace to “open in one go”, but some hotel space and other non-gaming offers might have a “staggered opening”.
In comments also included in the annual report, Daisy Ho Chiu Fung, the company’s chairman and executive director, said that the “entry into the Cotai sector … is a major milestone” in SJM Holdings’ history.
“We will be opening its doors to welcome a market that will be experiencing a rebirth,” she stated.
Editing by Rachel Hu
