{"id":30197,"date":"2022-05-27T02:17:49","date_gmt":"2022-05-27T05:17:49","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=30197"},"modified":"2026-04-23T08:21:52","modified_gmt":"2026-04-23T11:21:52","slug":"sjm-to-acquire-oceanus-property-for-us242-8m","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/sjm-to-acquire-oceanus-property-for-us242-8m","title":{"rendered":"SJM to acquire Oceanus property for US$242.8m"},"content":{"rendered":"\n

The company has entered into a transfer agreement to meet the property ownership requirement and tender for a new gaming concession contract.<\/p>\n\n\n\n\n\n\n\n

Macau.-\u00a0SJM Holdings Ltd<\/strong>\u00a0has announced its purchase of the Oceanus property where the group currently operates the\u00a0Oceanus casino<\/a>. The HK$1.91bn (US$242.8m) acquisition is subject to the fulfilment of certain conditions, including approval of the transfer by independent shareholders at a general meeting scheduled for June 22.<\/p>\n\n\n\n

The sum to be paid by SJM Holdings comprises HK$516m for the non-gaming area and HK$1.3m for the Oceanus casino area<\/strong>. The motivation for the purchase is the extension of the company’s concession contract with the Macau government, allowing it to meet a new property ownership requirement.<\/p>\n\n\n\n

SJM Holdings said that while negotiating to extend its concession contract to December 31, 2021, it agreed to provide a letter of commitment to Macau authorities to ensure the restoration of public control of the Oceanus Gaming Area at the end of the concession period.<\/p>\n\n\n\n

Under current gaming laws, franchisees must automatically return their casinos and related equipment to the Macau government without any encumbrances or limitations at the end of the franchise period.<\/p>\n\n\n\n

The company said it “considers the transfer to be imperative as it enables SJM Resorts to operate both gaming and non-gaming businesses within Oceanus in a synergised manner which are complementary to one another.”<\/p>\n\n\n\n

It also noted that Casino Oceanus was one of its best-performing casinos <\/strong>between 2017 to 2019.<\/p>\n\n\n\n

SJM to absorb workers left unemployed by satellite casino closures<\/h2>\n\n\n\n

SJM Holdings\u2019 executive director\u00a0Angela Leong On Kei\u00a0<\/strong>has promised that the casino operator would take care of employees who may be affected by the closure of satellite casinos linked to the company. Of the 18 satellite casinos in Macau,\u00a014 operate under the licence of SJM Holdings Ltd<\/strong>\u00a0while the other four are tied to Galaxy Entertainment Group (GEG) and Melco Resorts and Entertainment Ltd.<\/p>\n\n\n\n

Last month, Emperor Entertainment Hotel Limited<\/a> announced the closure of its casino at the Grand Emperor Hotel due to the difficult business operating environment caused by the Covid-19 pandemic in the last two years. The company had a service contract with gaming franchisee SJM, which expires on June 26.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company has entered into a transfer agreement to meet the property ownership requirement and tender for a new gaming concession contract.<\/p>\n","protected":false},"author":176,"featured_media":17520,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"SJM Holdings Ltd has acquired the Oceanus property for HK$1.91bn to meet Macau's new property ownership requirement, crucial for its gaming concession renewal. This strategic move ensures operational synergy and regulatory compliance, while the company also committed to absorbing employees affected by satellite casino closures.","focusai_entities":"SJM Holdings Ltd, SJM Resorts, Galaxy Entertainment Group, GEG, Melco Resorts and Entertainment Ltd, Emperor Entertainment Hotel Limited, Angela Leong On Kei","focusai_location":"Macau","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.9), operator_casino (0.95), investor_analyst (0.95), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Oceanus Acquisition ROI?","query":"What is the projected Return on Investment (ROI) for SJM Holdings on the Oceanus property acquisition, considering the new concession terms and the historical GGR performance of the casino?"},{"label":"Employee Absorption Impact?","query":"How will the absorption of employees from satellite casino closures impact SJM Holdings' operational expenditure and human capital strategy in the short to medium term, particularly concerning NGR margins?"}],"footnotes":""},"categories":[157,16338],"tags":[23108],"class_list":["post-30197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-sjm-holdings"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/30197","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=30197"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/30197\/revisions"}],"predecessor-version":[{"id":30234,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/30197\/revisions\/30234"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/17520"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=30197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=30197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=30197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}