Daisy Ho Chiu Fung has been appointed as the managing director of the local unit of gaming operator SJM Holdings Ltd, as the Macau government is now analysing bids for future gaming concessions that will start from 2023.
“With this appointment, Daisy Ho is granted expanded management rights and authorities. She becomes the official representative of SJM and is responsible for all formal business dealings and contacts with the Macao SAR government, as well as with the subsidiaries of the company and other entities,” SJM Resorts Ltd, the Macau entity holding the current gaming concession, said in a statement on Wednesday.
Ms Ho, who is also chairman and executive director of SJM Holdings Ltd, replaces Angela Leong On Kei as the official representative of SJM Resorts. Ms Leong had served as the managing director of SJM Resorts since 2011.
Ms Leong is a widow of late gaming mogul Stanley Ho Hung Sun, who founded SJM, while Ms Ho is one of his daughters.
Talking about the latest appointment, which has been approved by the Macau government, the local unit stated: “Ms Ho is also responsible for overseeing the day-to-day operations of the company and corporate matters including the formulation of policies, objectives, and investment plans to ensure that the company and its activities are in full compliance with the relevant legal and regulatory obligations.”
A total of seven companies have submitted bids for up to six 10-year Macau gaming concessions, including the six incumbents like SJM Resorts and a newcomer linked to Malaysian billionaire Lim Kok Thay’s Genting Group. It is expected the government will grant the new concessions before the current six licenses expire by the end of this year.
According to the revised gaming law, the managing director of a gaming concessionaire must be permanent Macau resident and holds at least 15 per cent of shares at the firm.
Meanwhile, SJM Resorts inaugurated on Wednesday the “Celebration of Art & Culture – Artistic Lantern Festival” at Grand Lisboa Palace Resort Macau in Cotai, which is held in collaboration with the Macau Artist Society and coordinated by the Macau Youth Art Association.
Speaking with local media as the managing director of SJM Resorts for the first time on Wednesday, Ms Ho said she hopes this festival, which features nine lantern installations co-created by 14 local artists, would become an annual major cultural event of the city.
“SJM will support local creative industries and draw from ‘tourism + art and culture’ synergy to enhance the city’s reputation and attract visitors,” she remarked.
She added the hotel booking of the SJM properties during the National Day Golden Week, a seven-day holiday break for Mainland Chinese starting from October 1 has been “satisfactory”.