Grand Lisboa Palace is not receiving further investment

grand lisboa palace

Credits: macaomagazine.net

Casino operators decided to not increase their investment in the upcoming Macau casino, Grand Lisboa Palace.

Macau.- The fire that occurred last week in SJM Holdings Ltd’s land in Macau has delayed the company’s plan of inaugurating its latest casino, Grand Lisboa Palace. Although the fire has caused damages and has delayed the project, the firm’s chief executive, Ambrose So Shu Fai stated that they are not investing further money.

SJM Holding’s Grand Lisboa Palace would open by late 2018, as Angela Leong On Kei, an executive director of the firm, revealed last week, after the company released a statement notifying about the fire. The incident happened last September 23, “inevitably” delaying the casino opening, which is still in construction phase.

“The budget, for the time being – we are not going to increase that,” commented Ambrose So Shu Fai to the local press. The company has already invested billionaire amount on the project, setting the initial budget on US$4.6-billion.

“The fire damaged some equipment. We have insurance for that. The location of the fire… is not going to have significant effect on the [construction] process. We are currently evaluating the impact of the fire and will try to expedite the construction through adjusting the procedures. For this to be done there are several elements. On the one hand, there is a technical adjustment, and, on the other hand, there is an adjustment on labour force,” stated the CEO. “We still [aim to open Grand Lisboa Palace] in the second half of 2018. We haven’t revised that.”