SJM Holdings opens new luxury hotel at Grand Lisboa Palace

SJM Holdings Ltd has opened its long-awaited Karl Lagerfeld luxury hotel at the Grand Lisboa Palace casino resort with 270 guest rooms and suites.

Macau.- SJM’s Grand Lisboa Palace has opened the luxury Karl Lagerfeld hotel with 270 rooms and suites in a 20-story tower at Grand Lisboa Palace. Daisy Ho Chiu Fung, chairman of SJM Holdings, said Grand Lisboa Palace was “the first integrated resort that introduces the concept of a fashionable hotel to our urban hotel industry.”

When complete the whole HK$39bn (US$5bn) development will have around 2,000 hotel rooms split between three venues: The Lisboa Palace Hotel, Palazzo Versace Macau, and the 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.

Grand Lisboa Palace could reach break-even in Q2 2022, analysts say

Analysts at JP Morgan Securities have predicted that SJM’s new Cotai resort Grand Lisboa Palace could reach break-even in the second quarter of 2022. SJM Holdings reported that the venue saw gross gaming revenue of HKD69m (US$8.9m) in Q3.

JP Morgan’s prediction depends on Macau reopening its borders and easing travel restrictions. Mainland China is currently the only country that has a largely quarantine-free travel bubble with Macau. Sanford C. Bernstein believes “Grand Lisboa Palace break-even is still far off,” despite the casino operator’s GGR being better than the market average during the third quarter.

As of September 30, SJM Holdings had invested HKD37.8bn (US$4.86bn) in the development of Grand Lisboa Palace.