SJM to take over management of Diamond Casino due to Covid-19 losses
Due to losses caused by the Covid-19 pandemic, SJM Resorts has decided to take over the management of the Diamond Casino.
Macau.- SJM Resorts S.A. has announced that it will manage the Diamond Casino at the Holliday Inn Hotel.
According to Allin Media, the casino has reported no income for 18 months and operations were to cease on July 31.
The Diamond Casino is one of SJM’s satellite casinos. It holds 28 gaming tables and 48 slot machines, plus VIP rooms.
Sociedade de Jogos de Macau S.A. has recently changed its official name to SJM Resorts S.A.
Daisy Ho, chairman and executive director, said: “The new name better reflects our prominent position in the tourism and leisure business.
The company is due to open its Grand Lisboa Palace integrated resort, although it hasn’t given an exact date for the opening, which has been delayed several times due to the Covid-19 pandemic.
The company plans to open just one of its three hotels initially, with limited retail options. It will also open with 260 mass tables while the remaining 44 VIP tables will be launched in 2022, after the opening of the Versace-branded hotel.
In its financial results for the first quarter of the year, SJM reported that net revenue was down by 29 per cent year-on-year to HK$2.4bn (US$312.9m).
Adjusted EBITDA came in at HK$319 m (US$41.1m) while net losses reached HK$647m (US$83.3m), mainly due to the Grand Lisboa Palace construction.
