Macau casino operator SJM Holdings plans to increase the number of rooms at the Kotai Resort Grand Lisboa Palace by about 40% in time for the Chinese Spring Festival holiday, which begins Saturday, to 692 total rooms available, Goldman Sachs LLC said in a note on Monday.

SJM Holdings aims to open its second Grand Lisboa Palace Hotel Tower ahead of Chinese New Year, increasing the number of rooms by about 200 to 692, according to notes from analysts Simon Cheng, Alpha Wang, Peter Yang, Lia Fan and Dorothy Wong.

The investment bank cited the company’s comments after the agency spoke to management of SJM Holdings last week. 온라인경마

SJM Holdings’ entry into Macau’s Kotai market, HK$39 billion ($5 billion) Grand Lisboa Place, was launched in July 2021. So far, the casino operator has “less than a third” of Grand Lisboa Palace’s total hotel room capacity, or 504 rooms for its own-branded Grand Lisboa Palace hotel and 72 rooms for Cal Lagerfeld, the Wallpaper noted.

“We aim to fully open two Grand Lisboa Palace Hotel towers with a total of 1,350 rooms by the end of the second quarter of 2023, and if market conditions are supported, we may also consider launching a Premium Palace Versace Hotel,” the note reads.

Goldman Sachs analysts said management at Grand Lisboa Palace is looking forward to launching additional amenities, including more stores. They did not clarify the details of such increases.

Grand Lisboa Palace was generated in the third quarter of 2022, with total revenue of HK$115 million, total game revenue (GGR) of HK$46 million and non-game revenue of HK$69 million.

SJM Holdings initiated a new 10-year concession on Jan. 1, in common with five Macau game concession companies. COMMISSIONED TOTAL INVESTMENT OF $14.03 BILLION IN MOP UNDER CONTROL AGREEMENT IN RETURN OF MARKO RIGHTS.

Of the total, SJM Holdings said it plans to use $12 billion to develop customer-source markets and non-game projects that it develops outside of China. Goldman Sachs cited comments from casino operators during the corporate day discussion, pointing out that non-game capital commitments are evenly distributed between operating and capital expenditures.

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