Casino operator SJM Holdings says it plans to revamp the ground floor of the iconic Grand Lisboa Macau casino, expanding its retail offer.
While few further details were revealed during the company’s profit announcement yesterday, the ground floor will have revamped and expanded casino facilities and an expansion and upgrading of existing retail which includes jewellery and some apparel together with food and beverage.
SJM has revealed a 63.4 per cent decline in year-on-year profit to HK$2.47 billion (US$317.9 million) as the number of Mainland Chinese gamblers visiting the territory declined and due to one off impairments.
VIP gaming revenue slumped by 48 per cent year-on-year in 2015 to $25.06 billion, while “mass table gaming revenue” was down by 24.6 per cent to HKD22.39 billion.
The company, one of the original gaming businesses in Macau before the arrival of US and Australian multinationals, has about 21.7 per cent of the territory’s gaming market. It has traditionally been less reliant on retail income than the newer integrated resorts with which it now competes, such as The venetian Macau, Wynn’s and Studio City.
The flagship Grand Lisboa casino hotel reported a 44.1 per cent year-on-year decrease in gaming revenue in 2015 to HK$16.54 billion.
The renovation and construction of new retail will commence in March.
SJM has two casino projects under development, including one to be called Grand Lisboa Palace on the Cotai strip. Its Casino Jai Alai on the Macau peninsula is closed for a major overhaul and will reopen later this year with a new 130-room hotel, restaurants and shops.