SJM unit holding Macau casino license changes name to SJM Resorts Ltd
SJM Holdings Ltd says it is changing the name of the subsidiary that holds a Macau gaming license.
The casino group says the decision of that is for better 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 Stock Exchange.
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Wednesday’s filing said SJM Holdings would “soon open” its newest flagship property, the HKD 39 billion Grand Lisboa Palace, 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.
A recent memo from banking group Morgan Stanley suggested the latter’s launch could be put back to the third quarter.
Editing by Rachel Hu