Wednesday, 24th April 2024

Just another WordPress site


Macau Legends Exits Fisherman’s Warp Casino Business, Remains SJM

Macau Legend Development Limited, a gaming and hotel services company, has suspended all casino promotional activities related to the Macau Fisherman’s Pier complex near the external Harbour Ferry Terminal. Casino concession owner SJM Holdings Limited has already provided licenses for two “satellite” casinos: Legend Palace, a hotel with related game operations, and Babylon, a gaming-only venue. 파워볼실시간

This information has been confirmed to GGRASIA by Melinda Chan Mei, president of Macau Fisherman’s Wharf International Investment Limited. The latter is a unit of Macau Legends listed in Hong Kong. Mrs. Chan is also the CEO of Macau Legends. “SJM is responsible for running Legend Palace Casino and Babylon Casino until December 31 this year,” Ms Chan told GGRASIA, referring to the current extended concession period. SJM Holdings has taken full control of both casino operations since June 27, according to information gathered by GGRASIA. The date marks the start of a game concession extension by SJM Holdings and five other Macau operators until Dec. 31, with new concessions expected to begin under the open tender process that began on July 29.

In June, SJM Holdings also announced that it would take full control of another “casino satellite” at the Grand Empower Hotel in downtown Macau from June 27 to December 31, 2022. It came after the property’s publicist announced that he planned to suspend the game on June 26. The casino remained in operation until that day under a service contract with SJM Holdings. Macau’s revised gaming law was approved by the city’s legislature in June, stipulating that the city’s satellite casino promoters cannot take the form of “management companies” and share the “profit” from game operations. The economic model allowed for these management contracts remains unclear. Nevertheless, a three-year grace period will be allowed to switch to a management company contract.

Mrs Chan also made it clear to GGRASIA that SJM Holdings did not take responsibility for non-gaming at Macau Fisherman’s Wharf. The facilities “have always been operated and managed directly by the Macau Fishermen’s Wharf: this has never changed,” Chan said. The company operates non – game tourism facilities at the Legend Palace Hotel, Harborview Hotel, and Rocks Hotel at the site. Macau Legends is known as the promoter of some of Macau’s so-called satellite casinos, each carrying a license from one of the concession holders in the city. The company is also involved in the game operations of the landmark casino in the New Orient Landmark Hotel on the Macau Peninsula. Macau Legends at the end of June, outside the normal reporting period, slightly outperformed its full-year 2021 net loss of HK$1.19 billion ($151.6 million). Compared with a loss in the same period last year, it was down 39.1%.

Macau Legends on Tuesday announced that one of its units had realized the same amount by disposing through a bank bond “open market” with a total principal of HK$200 million. The company said the move was “in light of market conditions.” This was understood to indicate a slump in Macau tourism amid repeated COVID-19 outbreaks in the city itself and in mainland China, a key source market. Lebo Chan Wong Lin, former president of Macau junket brand Takchun and former CEO of Macau Legends, was detained in Macau in January on charges of illegal operation of gambling operations and money laundering. He resigned from his role as Macau legend shortly after. In May, Macau Legends announced that a review conducted by an independent consultant found “no irregularities” in the deal between the company and Mr Chan.

Leave a Reply

Your email address will not be published. Required fields are marked *