SJM renews agreement to lease Jai Alai Oceanus complex
The Jai Alai Oceanus complex lease agreement has been renewed until 2025.
Macau.- SJM Holdings has announced that it has signed a new lease agreement with Angela Leong On Kei, its co-chair and managing director, to lease spaces at the Jai Alai Oceanus complex on the Macau peninsula until the end of 2025. The complex comprises Casino Oceanus, the Jai Alai Hotel and the JA Avenue retail arcade.
The new agreement runs until December 31 2025. According to a stock filing, the rental payments are capped at HK$37.4m (US$4.8m), with the annual caps for 2024 and 2025 set at HK$3m. The gaming company said the agreement forms part of its core business developing and operating casinos and related facilities in Macau.
Last week, SJM Resorts, an indirect subsidiary of SJM Holdings, announced that it had renewed a services agreement with L’Arc Entertainment, which is indirectly and wholly owned by Leong. The move allows the gaming concessionaire to operate a satellite casino at L’Arc Hotel until 2025. It also renewed its products and services master agreement with STDM.