SJM plans soft launch of Palazzo Versace Hotel in April

The Palazzo Versace luxury hotel is located on the Cotai Strip in Macau.

Macau.- SJM Resorts‘ chairman, Daisy Ho, announced on Wednesday (March 15) that the company plans to hold a soft launch of its Palazzo Versace luxury hotel on the Cotai Strip in Macau this April. Representatives from Versace will attend a grand opening at a later date.

SJM requires more time than its competitors to ramp up non-gaming events, Ho said. The company has been gradually opening rooms at the Grand Lisboa Palace, with only around 30 per cent currently available.

SJM has recently reported gaming revenue was HK$6.1bn (US$780m) in 2022, down by 36 per cent compared to a year earlier. The company confirmed a loss attributable to its owners of HK$7.80bn, up 88.2 per cent from 2021. It reported it had a 15.8 per cent share of Macau’s gaming revenue, including 19.8 per cent of mass-market table gross gaming revenue and 4.9 per cent of VIP gross gaming revenue.

Grand Lisboa Palace generated gross revenue of HK$687m in 2022, with gross gaming revenue of HK$346m compared to HK$200m in 2021.