SJM expects Grand Lisboa Palace to break even in 12 months
Daisy Ho Chiu Fung, SJM Holdings’ chairman, has said the company expects Grand Lisboa Palace could reach break-even in a year’s time
Macau.- After the grand opening of Grand Lisboa Palace Phase I last week, Daisy Ho Chiu Fung, SJM Holdings’ chairman, predicted that the venue could take 12 months to break even.
Chiu Fung said: “I think for our property, looking at breaking-even and stabilisation, will take… 12 months or so, or less.”
However, everything will depend on the evolution of the Covid-19 pandemic, particularly in China.
The HK$39bn (US$5bn) Grand Lisboa Palace initially opened one of its towers with 300 rooms and approval for 150 gaming tables. The opening of the second phase will depend on the evolution of the Covid-19 pandemic and related travel restrictions.
When complete, Grand Lisboa Palace will have around 2,000 hotel rooms split between three venues: The Lisboa Palace Hotel, Palazzo Versace Macau, and Karl Lagerfeld Hotel luxury boutique hotel.
It will have 27,000 square metres of gaming floor space (290,000 sq ft) for up to 700 gaming tables and 1,200 electronic gaming machines. The venue will host an art exhibition from September 1 to October 31.
Authorities in Macau have decided that all visitors that come to Macau from any mainland Chinese city must hold a negative nucleic acid test certificate for Covid-19.
The government of Macau is urging all citizens to get vaccinated as soon as possible. Authorities want a vaccination rate of 80 per cent before considering a travel bubble with other regions outside of mainland China.
