SJM Holdings is expected to only partially open its new Grand Lisboa resort on Cotai in Q1, with rooms and tables dictated by market conditions at the time, Union Gaming says.

The firm said it expects a large portion of hospitality amenities to be delayed until more significant demand returns.

“We are anxiously awaiting the opening of Grand Lisboa Palace (GLP) and see the new hardware as a potential demand driver in helping attract visitors to Macau throughout the recovery,” the firm said. “However, given the current environment, we are expecting a slower ramp throughout 2021 and looking forward to 2022 as the first full year of operations. We are currently forecasting HK$1.86bn (~US$240m) of EBITDA for GLP in 2022.”