SJM Holdings said it will terminate the agreement allowing the New Yaohan department store to operate at its Grand Lisboa Palace resort in Macau, with the arrangement set to end on December 31st, 2026.
According to a filing to the Hong Kong Stock Exchange on March 5th, SJM Resorts and NYH Gestão de Vendas a Retalho Limitada (NYH), the operator of the New Yaohan store, have mutually agreed to end the Right to Use a Shop Agreement, which will formally terminate on January 1st, 2027.
The agreement covers a retail space on the second floor of the Grand Lisboa Palace shopping mall, where the NY8 New Yaohan department store has been operating since its opening in November 2021.
As part of the termination arrangement, NYH will pay SJM Resorts approximately HK$31.9 million ($4.08 million) through a combination of security deposit offsets, vouchers redeemable at New Yaohan or related businesses, and a cash payment.
Under the agreement, the retailer will also be required to reinstate the premises to their original condition and return possession to SJM within 60 days after the contract expires.
SJM said the move is intended to allow the company to better utilize the retail space and strengthen the integrated resort’s competitiveness.
‘Upon termination and the return of the premises by NYH, SJM Resorts intends to enhance the integrated resort offerings that better align with evolving consumer preferences’, the company said, adding that the adjustment is expected to support the long-term development of the Grand Lisboa Palace ecosystem.
Located within the Cotai integrated resort, NY8 New Yaohan was designed as a flagship department store concept featuring a Western-style gourmet supermarket, fashion and lifestyle retail, and a children’s themed shopping area.
Services agreement with STDM renewed
In the same filing, SJM also announced it has renewed its products and services master agreement with controlling shareholder STDM for a further 12 months from January 1st, 2026.
Under the renewed agreement, the STDM Group will continue providing services to SJM including hotel accommodation, promotional and advertising support, food and beverage supply, transportation, maintenance, laundry and hotel management services.
For 2026, SJM set new annual caps for several service categories. The annual cap for hotel accommodation services is set at HK$96.6 million ($12.35 million), compared with HK$63.5 million ($8.12 million) in 2025. The cap for promotional and advertising services is set at HK$27.3 million ($3.49 million).
SJM said the services agreement facilitates the provision of accommodation, promotional and related services for gaming patrons and hotel guests, and forms part of the group’s ordinary course of business.
The company also approved new annual caps for transactions under its long-standing chips agreement with STDM through 2028, allowing the continued redemption of STDM-issued casino chips that remain in circulation in the market.
