Grand Lisboa Palace to open in June with 304 gaming tables
According to analysts, SJM Holdings plans to open the Grand Lisboa Palace with 304 gaming tables and 1,034 slot games while the hotel will open with limited capacity.
Macau.- SJM Holdings Ltd is close to opening the new Grand Lisboa Palace after passing final government inspections.
The company has already announced that the new venue will open in June, but some analysts believe the opening will be limited.
According to Sanford C. Bernstein Ltd, Grand Lisboa Palace will be allowed to open only one of its three hotels with limited retail options. It will also open only 304 gaming tables and 1,034 slot games.
According to Macau’s current rules, casinos are limited to 3 per cent of the compound annual growth in the number of new live gaming tables in the overall market, up to December 2022.
The Grand Lisboa Palace cost HKD39bn (US$5bn). When complete, it will have around 2,000 hotel rooms split between 3 structures: The Lisboa Palace Hotel, Palazzo Versace Macau, and Karl Lagerfeld Hotel luxury boutique hotel.
The venue includes 27,000 square metres of gaming floor space (290,000 sq ft) for up to 700 gaming tables and 1,200 electronic gaming machines.
SJM Holdings to issue senior notes
SJM Holdings Ltd will aim to raise funds through senior notes.
Publishing its financial results for the first quarter of 2021, the company reported a net loss of nearly HK$647m (US$83.3m), while net revenue was down by 29 per cent year-on-year to HK$2.4bn (US$312.9m).
SJM Holdings said it wants to use “approximately 90 per cent of the net proceeds from the proposed offering for refinancing the Syndicated Credit Facilities and the balance for general corporate purposes.”
Sanford C. Bernstein Ltd stated: “The company is in discussions with its banks about the existing bank debt and may pursue… [a] Hong Kong dollar bond offering to shift capital structure.”
