Macau’s Golden Dragon Group extends casinos agreement with SJM
SJM Holdings has reached an agreement for Golden Dragon Group to continue operating its casinos until December 31.
Macau.- It’s been confirmed that SJM Holdings and Golden Dragon Group have reached an agreement to keep three satellite casinos open until December 31. Golden Dragon group runs Casino Golden Dragon, Royal Dragon and Casino Million Dragon as satellite casinos under SJM Holdings’ licence.
The agreement comes after Emperor Entertainment Hotel Limited renewed its service agreement with SJM Holdings until December 31.
Golden Dragon’s casinos, which also include the Grand Dragon Casino in Taipa, operated via Melco, together hold 200 gaming tables, accounting for around 21 per cent of the 930 tables at Macau’s satellite casinos.
In March, it had been reported the Golden Dragon Group would close its four satellite casinos when Macau’s casino licences expired this month. However, the current concessions have been extended to the end of the year pending a licence retender.
SJM Holdings costs to increase after absorption of satellite casino workers
As previously reported by Focus Gaming News, Fitch Ratings has downgraded SJM Holdings Limited’s Long-Term Foreign-Currency Issuer Default Rating from “BB” to “BB-” due to uncertainty regarding its capacity to return to 2019 levels.
Analysts reported that SJM Holdings could see its staff costs increase by up to HK$600m(US$76.4m) due to its decision to rehire employees who may be affected by the closure of satellite casinos linked to the company.
