SJM rules out Ponte 16 acquisition but moves forward with L’Arc Hotel deal
Casino Ponte 16 will cease operations this month.
Macau.- SJM Resorts has announced that it will not acquire the property where Casino Ponte 16 is located. It has entered into a mutual termination agreement with Pier 16 Entertainment Group Corporation Limited that will bring forward the closure of services at the venue to November 28.
All gaming tables and gaming machines will be redeployed to other casinos. It said all local employees employed by SJM Resorts will be reassigned to other casinos according to operational needs. Local employees not employed by SJM Resorts will be invited to apply for related vacancies.
Meanwhile, SJM has confirmed that it will acquire satellite casino L’Arc and its associated facilities. Two subsidiaries of the company have entered into an agreement to acquire Arc of Triumph Development Company Limited, which owns the hotel on Avenida 24 de Junho.
The property has a gross floor area of approximately 86,438 square metres. SJM operates Casino L’Arc Macau under a services arrangement. The acquisition is subject to approval by SJM Holdings’ independent shareholders at an Extraordinary General Meeting, as well as regulatory approvals from Macau authorities.
Daisy Ho, chairman and executive director of SJM Holdings Limited, commented: “L’Arc Hotel is centrally located within the active cluster of gaming, hospitality and visitor traffic on the Macau Peninsula, where the combined pull of surrounding landmarks and attractions creates opportunities that few locations can match. With the casino currently operating below its full potential, we see considerable room for growth as part of a stronger, integrated network under SJM Resorts.
“This acquisition will allow us to enhance coordination across our peninsula properties in a unified structure that enhances operational efficiency and unlocks cross-promotional synergies. Our priority is to ensure a smooth transition for employees and to continue contributing to Macau’s tourism economy.”
