SJM Holdings Rebranding Casino Subsidiary Name SJM Resorts
Posted on: June 25, 2021, 04:46h.
Last updated on: June 25, 2021, 12:27h.
SJM Holdings, the late business empire of billionaire Stanley Ho, the so-called “King of Gambling,” is changing the name of its gaming subsidiary unit. The move is being made in an effort to better represent the casino resort firm.
In a securities filing made with the Hong Kong Stock Exchange (HKSE), SJM told investors and regulators that it’s changing the name of its gaming unit from Sociedade de Jogos de Macau to SJM Resorts, Limited.
In Portuguese, Sociedade de Jogos de Macau translates to Macau Gaming Society. The new identity, SJM Resorts, is the same in English and Portuguese, as well as Chinese: 澳娛綜合度假股份有限公司.
SJM Holdings’ name will remain unchanged, as will its corporate identity on the HKSE.
The late Ho, who died at the age of 98 in 2020, held a monopoly on casino gambling in Macau for decades. But after Portugal gave control of the enclave to China in 1999, Macau opted to welcome new commercial casino operators.
As a result, SJM and Sociedade de Jogos de Macau lost market share. That only worsened when Sands China, the Chinese operating unit of Las Vegas Sands, began developing the Cotai Strip and building multibillion-dollar integrated resorts there.
The Venetian was the first IR to open on the Cotai Strip in 2008. The Plaza followed a year later, and City of Dreams in 2009. Today, there are 10 integrated casino resorts on the Strip.
SJM’s decision not to invest in Cotai has gradually reduced its market share. Prior to the pandemic, the group held a roughly 15 percent share of Macau’s casino market.
SJM hopes to regain some of its lost footings by way of Grand Lisboa Palace, the company’s first IR in Cotai. The $5 billion destination is set to focus on VIP play, a key demo that the group has largely lost to the five other casino operators.
SJM Resorts Portfolio
Along with Grand Lisboa Palace in Cotai, SJM Resorts owns and operates the Grand Lisboa Hotel Casino in downtown Macau. In addition, SJM handles casino operations at 18 other hotels in the downtown area that it does not own.
Grand Lisboa Palace will offer 1,900 hotel rooms when it opens, which is expected later this year. SJM will have plenty of rooms in Cotai, as along with the Palace, it recently opened Lisboeta Macau.
Though far less fancy, the adjacent property offers 820 guestrooms. The hotel is currently being used as a medical observation facility by the Macau government during COVID-19.
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