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SJM anticipating Palazzo Versace Macau’s grand opening in the coming months

Macau gaming operator SJM Holdings is anticipating the grand opening of Palazzo Versace Macau in the coming months, with the room inventory at its Cotai integrated resort increasing to 1,892.

According to the company’s Monday filing, SJM Holdings states that Grand Lisboa Palace, which partially opened in June 2021, ‘continued to enhance its market presence during the first half of 2023.’

The Karl Lagerfeld hotel tower officially opened on June 10th, 2023. Also during the first half of 2023, certain hotel rooms at the Palazzo Versace Macau hotel tower became available to the public.

By the end of this year, SJM expects to have completed the recruitment and training of the additional staff members required to bring the total number of hotel rooms at Grand Lisboa Palace up to 1,892.

In the interim results, SJM notes that the company has committed to investing an aggregate of HK$13.6 billion ($1.74 billion) over the course of the new concession period. ‘The total amount of non-gaming investment obligations is expected to increase further if the overall gross gaming revenue in Macau exceeds HK$174.8 billion ($22.3 billion) before 2027,’ notes the company.

Aligned with SJM‘s dedication to enhancing non-gaming tourism in Macau, the company co-organized the 2023 SJM Macau International Dragon Boat Races, held in June 2023. Additionally, in support of international tourism development, SJM inaugurated its first foreigner-only gaming room at Grand Lisboa Palace in March 2023.

SJM also reports that as of June 30th, 2023, the company employed 18,400 full-time staff members, and the employee turnover rate was ‘minimal’ in 1H23.

Viviana Chan
Viviana Chanhttps://agbrief.com/
Viviana Chan is an editor, interpreter, and journalist. With over a decade of experience, she writes in English, Chinese, and Portuguese. Viviana started her career in Macau-based newspapers, where she became passionate about the region's social, financial, and cultural development. Her writing focuses on the economy, emerging industries, gaming development, political affairs, and cross cultural-exchange in the business and cultural domains. She is avid for news and eager to discover and cover stories that generate public relevance.

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