SJM Holdings officially opened Palazzo Versace Macau, its latest addition to the Cotai integrated resort, on Tuesday.
As stated in the press release, Palazzo Versace claims the title of the world’s first fashion-branded hotel and now boasts two locations: Dubai in the United Arab Emirates and Macau, China.
The debut of Palazzo Versace in Asia takes place at the Grand Lisboa Palace Resort Macau, featuring 271 rooms and suites, two Italian restaurants, spa facilities, a Versace rendition of the Turkish Hammam, and both indoor and outdoor swimming pools.
Grand Lisboa Palace partially opened in June 2021, and 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, while Macau was still at an early stage of recovery.
According to SJM’s latest financial results, the Hong Kong-listed gaming operator managed to narrow its losses in the third quarter by 78.3 percent, to HK$410 million ($52.52 million), while pulling its adjusted EBITDA back into the black at HK$566 million ($72.51 million) – compared to a loss of HK$968 million ($124 million) in 3Q23.
The improvement was driven by a 492 percent yearly increase in net gaming revenue, reaching HK$5.41 billion for the quarter ($693 million).
Concerning Grand Lisboa Palace, the property’s performance continued to lag behind the group’s Macau peninsula property, achieving HK$1.08 billion ($138.36 million) in gross revenue – a rise of 842.6 percent year-on-year. Of this, gross gaming revenue totaled HK$783 million ($100.3 million), marking a 1,602.2 percent yearly increase.
A Morningstar analyst noted this month that Grand Lisboa Palace was operating at approximately 91 percent of hotel capacity, with 1,350 rooms in the GLP tower, 271 rooms in the Karl Lagerfeld Hotel, and 102 rooms in the Palazzo Versace Hotel. However, management expects that the soft opening of Palazzo Versace will expand the room inventory at the resort to 1,892 by the year’s end.
