SJM Holdings has announced that it has further delayed the completion of its Cotai casino, the Grand Lisboa Palace resort.
Macau.- SJM Holdings revealed it has pushed back the completion date for its Cotai casino once again. The Grand Lisboa Palace resort is now expected to open near March next year
The announcement caused the company’s stock to drop over 5% in Hong Kong trading on Friday. It also fell a further 2.8% on Monday.
Concession’s expiration date
SJM Holding’s gaming concession in Macau will expire next year. The company’s Board Chairman Ambrose So Shu Fai said that he is looking forward to get its continuation.
The Chairman talked about the gaming concession in a speech at SJM’s traditional Chinese New Year’s Eve gala dinner at the Grand Lisboa, Macau News reported. He also discussed the completion of SJM’s Grand Lisboa Palace in Cotai.
“We look forward to the continuation of our gaming concession, joining hands with the government and the people of Macau in creating a new chapter in the city’s growth story – in economic prosperity, social stability and community development,” So said.
Financial results haven’t been the best for the Chinese city of Macau and GDP will be in line with them. According to the Economist Intelligence Unit, Macau GDP is likely to contract by 0.3% in 2019. They released the assessment after the 3.2% drop recorded in the first quarter of the year.
In a recent report, the research and analysis division of The Economist Group said GDP will shrink. It explained it’s due to fewer government investments in public works and no new openings of large-scale casino resorts.