Operator News

China – SJM kick-starts Cotai casino project

By Phil - 14 February 2014

Sociedade de Jogos de Macau (SJM) has started work on its latest casino project in Macau, breaking ground on its US$3.9bn Lisboa Palace, its first development in the Cotai area.

The French-themed Lisboa Palace will offer 700 tables and 1,200 slots. Set to open in 2017, it will have three hotels with more than 2,500 rooms, including a luxury hotel in partnership with Italian fashion designer Versace.

The cost of the resort will come in at least HK$5bn over the original budget.

Ambrose So, Chief Executive Officer of SJM Holdings said: “We made the HK$25bn estimate about a year ago. Now that the costs of construction materials and labour have risen, we believe a HK$30bn price tag is more realistic.”

Lisboa Palace will initially cover 70,500 sq. m. although the resort’s footprint could eventually be tripled.

Union Gaming Group’s Grant Govertsen said that a French theme ‘resonates well’ with Chinese customers. “Mainland consumers view Europe in general and France in specific as very aspirational destinations,” he explained.