SJM to build casino resort at Cotai
Stanley Ho's flagship acquiring land on strip that's prime destination for tourists to Macau
Macau casino operator SJM has finally secured a piece of land at Cotai. It is the last to do so among the six gaming companies that are authorised to operate casino games in the enclave.
The flagship company of gaming tycoon Stanley Ho Hung-sun said last night it has accepted a land concession contract from the Macau government and plans to build a casino resort on the Cotai site.
"The board considers that the acceptance … represents a milestone development for the group," SJM said in a filing with the Hong Kong stock exchange.
It said it intends to apply to the Macau government to operate 700 gaming tables and 1,000 slot machines, as well as a five-star hotel with 2,000 hotel rooms.
SJM will pay 2.15 billion patacas for the land. It will make a down payment of 800 million patacas in cash. Construction will begin after the publication of the land concession contract in the official gazette and is expected to take up to 36 months.
SJM is the largest casino operator in Macau in terms of gaming revenue and number of casinos, the only place in China where casino gaming is allowed. The firm operated 17 casinos and three slot machine lounges, comprising more than 1,700 gaming tables and more than 3,700 slot machines, at the end of June, the firm's interim report said.