CEO points to expansion of retail and F&B at Grand Lisboa Palace as investment in Macao tourism and trust in obtaining new concession.
Ambrose So Shu Fai
Gaming concessionaire reports mixed results for the year when it opened its new trophy property, Grand Lisboa Palace.
Modest results announced days after Macao’s oldest gaming company opens US$5 billion Grand Lisboa Palace on Cotai.
Gaming operator takes a hit, but remains determined about new super-luxury hotel opening and prospects for 2021.
Gaming operator SJM Holdings said on Thursday that while it has been “severely impacted” by the COVID-19 outbreak and Macao’s ongoing restrictions on entry from the mainland, Hong Kong and other places, as well as the curtailment of transportation channels and quarantine requirements, it has seen “the beginnings of recovery in visitation, hotel occupancy and visitor spending.”
Ambrose So Shu Fai of the International Forum on Clean Energy (Macau) and SJM Holdings, said that the IFCE would “enhance the international community’s confidence in China’s commitment to the Paris Agreement”.
SJM Holdings announced its net profit rose 9.6% year-on-year to HK$2.4 billion in the first nine months.
Construction of Grand Lisboa Palace in Cotai would be completed by early next month.
