The Grand Lisboa Palace has passed several of the final government inspections, and is expected to receive an operating permit “soon”, the CEO of SJM Holdings, Ambrose So, stated in the gaming operator’s 2020 annual report.
The gaming concessionaire previously estimated the HK$39 billion (US$4.9 billion) integrated resort project, SJM’s first in Cotai, would open at least until June of this year.
‘The subsequent opening of the Grand Lisboa Palace will relieve some of the cost pressures on our existing operation, as we will be able to transfer a large number of current employees to the new property,’ So added.
SJM Holdings posted a net loss of HK$409 million in the first quarter this year, with the project’s expenses having dragged the group’s pandemic recovery.
The Grand Lisboa Palace will feature a total of approximately 1,900 hotel rooms and suites in three hotel towers — the Grand Lisboa Palace, the Palazzo Versace and the Karl Lagerfeld — as well as facilities for meetings and conferences, shopping, dining, gaming and entertainment.
SJM and NYH Gestão de Vendas a Retalho Limitada signed an agreement to operate a high-class department store on the second floor of the project’s retail mall, with the group having already entered into some HK$2.5 billion worth in capital commitments in connection with the property.