Tuesday, June 25, 2024
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SJM makes culinary acquisitions to boost non-gaming offerings

SJM Holdings Limited has announced two strategic acquisitions to bolster its culinary portfolio and mass market appeal.

The moves are part of the group’s strategy to diversify its non-gaming offerings and strengthen Macau’s status as a ‘Creative City of Gastronomy‘.

In particular, SJM Holdings has acquired the Kam Pek Community Centre from Sociedade de Turismo e Diversões de Macau, S.A. (STDM), its parent company.

Located on Avenida de Almeida Ribeiro (San Ma Lo), a key tourist area near the Historic Centre of Macao UNESCO World Heritage Site, this three-storey building will be redeveloped into a prominent food and beverage destination.

The asset, valued at HK$166 million ($21.26 million), aims to transform the site into a culinary hub, enhancing foot traffic and visitor engagement in the historic district. This investment aligns with the group’s commitment to non-gaming development as per its gaming concession contract.

In a separate transaction, SJM Holdings has acquired the entire equity interests in NYH European and NYH Italian, indirect subsidiaries of STDM. These entities are developing two western dining establishments within the Grand Lisboa Palace Resort Macau: the London-based cafe “EL&N” and the Italian restaurant “Mamma Pizza.”

The acquisition, totaling approximately HK$31.5 million ($4.03 million), will be financed through a combination of trade receivables and cash. This move aims to diversify the resort’s dining options and attract a broader audience.

SJM makes culinary acquisitions to boost non-gaming offerings
Kam Pek Community Centre
Daisy Ho

Daisy Ho, Chairman of SJM Holdings Limited and Managing Director of SJM Resorts, emphasized the significance of these acquisitions in enhancing the group’s culinary leadership. “SJM is a leader in Macau’s gastronomy scene. These acquisitions are strategically positioned to complement our existing operations and advance our long-term vision of bolstering Macau’s status as a World Center of Tourism and Leisure,” she stated.

The acquisitions are expected to create synergies within SJM’s hospitality portfolio, attract a wider customer base, and encourage recurrent visitation, driving broad-based growth in Macau’s tourism and leisure sectors, the company indicates.

Frank Schuengel
Frank Schuengel
Frank Schuengel is an online gambling industry veteran with over twenty years of experience in Europe and Asia. Equally at home in the Isle of Man and the Philippines, he started his career as a sports trader before setting up and running whole operations, and more recently focusing on the regulatory and licensing side of things in the worlds of fiat and crypto eGaming. When he is not writing about gambling topics, he can be found cycling around Manila and advocating sustainable transport solutions for a Philippines based mobility magazine.

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