\u00a0HK$1.3m for the Oceanus casino area<\/strong>. The motivation for the purchase is the extension of the company\u2019s concession contract with the Macau government, allowing it to meet a new property ownership requirement.<\/p>\n\n\n\nSJM 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
Authorities approve SJM Holdings refinance plan<\/h2>\n\n\n\n
Authorities in Macau have approved\u00a0SJM Holdings\u2019 plan to refinance its existing bank loans\u00a0<\/strong>with a new loan line of HKD19.0bn (US$2.44bn). Only the banks\u2019 approval is now needed for it to be effective.<\/p>\n\n\n\nAccording to analysts Praveen Choudhary and Gareth Leung, the refinancing would provide the company with HK$6bn of additional liquidity as it draws down HK$13bn of previous loans. The new maturity date for the lines would be 2028. <\/p>\n\n\n\n
The effective interest rate would be the Hong Kong Interbank Offered Rate (HIBOR) plus 1.5 per cent to 2.25 per cent, terms similar to those on the present facility.<\/p>\n","protected":false},"excerpt":{"rendered":"
It’s expected that SJM Holdings Ltd may buy Casino Eastern and Casino Taipa to satisfy new gaming laws.<\/p>\n","protected":false},"author":176,"featured_media":18522,"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 is expected to acquire Casino Eastern and Casino Taipa for approximately HKD300m, following its Oceanus acquisition, to satisfy new Macau gaming laws requiring concessionaires to own their casino properties. Concurrently, Macau authorities have approved SJM's HKD19.0bn refinancing plan, extending loan maturities to 2028 and providing HK$6bn in additional liquidity, pending bank approval.","focusai_entities":"SJM Holdings Ltd, Casino Eastern, Casino Taipa, Oceanus, Daiwa Capital Markets Hong Kong Ltd, JP Morgan Securities, Artyzen Grand Lapa Macau hotel, Regency Art Hotel, Macau government","focusai_location":"Macau, Hong Kong","focusai_target_profile":"ceo_executive (0.9), regulator (0.9), compliance_legal (0.85), operator_casino (0.9), investor_analyst (0.95), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"SJM Concession Impact","query":"How will SJM Holdings' property acquisitions and refinancing impact its competitive positioning and GGR market share within the Macau concession landscape post-2028?"},{"label":"Regulatory Compliance Costs","query":"What are the projected long-term capital expenditure implications for other Macau concessionaires in meeting the new property ownership requirements, following SJM's precedent?"}],"footnotes":""},"categories":[157,16338],"tags":[23108],"class_list":["post-30304","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\/30304","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=30304"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/30304\/revisions"}],"predecessor-version":[{"id":30314,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/30304\/revisions\/30314"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18522"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=30304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=30304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=30304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}