SJM Holdings has denied being involved in a process to develop a US$6bn integrated resort in Quy Nhon city, Vietnam.<\/p>\n\n\n\n\n\n\n\n
Macau.- SJM Holdings has been the victim of fake news\u00a0<\/strong>it seems as Vietnamese media claims the company has shown interest in gaining approval to develop a casino complex in Quy Nhon city.<\/p>\n\n\n\n Jonathan Pyne<\/strong>, chief legal counsel at SJM Holdings, has denied the rumours, saying the company is not involved in any casino project in Vietnam\u00a0<\/strong>and that its sole casino operations are in Macau.<\/p>\n\n\n\n According to some websites, SJM Holdings was seeking to develop a US$6bn resort and casino complex project in Quy Nhon city.<\/p>\n\n\n\n Although the company wanted to open the Grand Lisboa Palace<\/a> in May or June, the date has been pushed back to the third quarter of the year.<\/p>\n\n\n\n The delay is due to the approval of the Macao Government Tourism Office (MGTO) and Gaming Inspection and Coordination Bureau (DICJ) Occupancy Permit (OP).<\/p>\n\n\n\n The company plans to open just one of its three hotels initially<\/strong>, with limited retail options. It will also open with 260 mass tables <\/strong>while the remaining 44 VIP tables will be launched in 2022<\/strong>, after the opening of the Versace-branded hotel. <\/p>\n\n\n\n Grand Lisboa Palace <\/strong>involved an investment of HKD39bn (US$5bn). When complete, it will have around 2,000 hotel rooms<\/strong> split between three venues: The Lisboa Palace Hotel, Palazzo Versace Macau, and Karl Lagerfeld Hotel luxury boutique hotel.<\/p>\n\n\n\n It includes\u00a027,000 square metres of gaming floor space\u00a0<\/strong>(290,000 sq ft) for up to\u00a0700 gaming tables and 1,200 electronic gaming machines<\/strong>.<\/p>\n\n\n\n In May, SJM Holdings<\/a> announced the closing of the issuance of new senior notes aimed to raise funds.<\/p>\n\n\n\n The company stated that net proceeds from the offering of the senior notes<\/strong> reach nearly HK$1.24bn (US$160m) and MOP298m (US$12.3m). <\/p>\n\n\n\n Approximately 90 per cent of the net proceeds from the proposed offering will be used for refinancing syndicated credit facilities<\/strong>.<\/p>\n\n\n\n During the first quarter of the year, SJM Holdings<\/a> reported that net revenue in the first three months of the year was down by 29 per cent <\/strong>year-on-year to HK$2.4bn (US$312.9m).<\/p>\n\n\n\nSJM Holdings hopes to open Grand Lisboa Palace in Q3<\/strong><\/h2>\n\n\n\n