SJM Holdings expands gastronomy portfolio with acquisitions

SJM Holdings has acquired Kam Pek Community Centre and two STDM subsidiaries.

Macau.- SJM Holdings has announced acquisitions to enhance its gastronomic and mass market presence. It’s buying Kam Pek Community Centre, NYH European and NYH Italian from Sociedade de Turismo e Diversões de Macau, S.A. (STDM)

The company plans to redevelop the Kam Pek Community Centre on Avenida de Almeida Ribeiro into a major food and beverage hub, complementing its Grand Lisboa and Hotel Lisboa. The acquisition cost is HK$166m (US$21.26m), payable in three stages from internal resources.

In a separate transaction, SJM has acquired NYH European and NYH Italian, indirect subsidiaries of STDM, for approximately HK$31.5m (US$4.03m). These are developing dining venues at Grand Lisboa Palace Resort Macau: the London-based café EL&N and Italian restaurant Mamma Pizza. The acquisition will be mainly funded through a set-off mechanism against trade receivables, with a minor cash component/

The company said the acquisitions align with its strategy to diversify its non-gaming offerings and leverage its culinary expertise under the Lisboa brand. The casino operator stated it expects to “create synergies with its hospitality portfolio in the Peninsula, attracting foot traffic and a wider customer base, as well as encouraging recurrent visitation to drive broad-based growth.” 

See also: SJM takes part in Experience Macao Carnival in Hong Kong

Daisy Ho, chairman of SJM Holdings Limited, said: “SJM is a forerunner in Macau’s gastronomy scene, and we are looking to apply our competitive advantage in fine dining to bring about a wider spectrum of culinary experiences for our consistently growing mass market segment.” 

She added: “The two acquisitions represent ideal opportunities due to the prime locations of the properties and their complementary nature to our existing operations. We are committed to enhancing shareholder value and advancing our long-term vision of bolstering Macau’s status as a World Centre of Tourism and Leisure.”

See also: SJM Holdings GGR up 77.3% in Q1