Grand Lisboa Palace has passed the government’s final inspections and is expecting to receive an operating permit soon.
Macau.- SJM Holdings Ltd has announced that Grand Lisboa Palace is close to launch after the resort passed final government inspections.
The company had announced in March that the Grand Lisboa Palace HKD39bn (US$5bn) construction was finished was waiting for the government’s inspection.
Investment bank JP Morgan predicted that the gaming facilities at Grand Lisboa Palace would open in one go although non-gaming facilities could see a staggered opening.
According to Ambrose So Shu Fai, SJM Holdings’ chief executive, the Grand Lisboa Palace opening will relieve some of the cost pressures the company already is suffering. He to transfer a large number of current employees to the new property.
SJM Holdings had a difficult year in 2020 due to the Covid-19 outbreak. Revenue in 2020 was down by 77.8 per cent year-on-year.