The refurbishment of SJM’s long-time Macau flagship Grand Lisboa will see new restaurants developed but the number of hotel rooms is not expected to increase, according to Chairman Daisy Ho.
When SJM was awarded a new 10-year gaming concession last December, it stated that the Lisboa and Grand Lisboa hotels would be refurbished as part of the company’s investment commitment.
Speaking at an event on Friday, Ho – who also serves as Managing Director of SJM’s subsidiary and concession holding subsidiary SJM Resorts – said, “The [refurbishment] is currently in the planning stage and is expected to commence next year. Hotel rooms will remain at the current number, but there will be more restaurants.”
She added, “The project will enrich the existing hotels.”
SJM first revealed late last year that it would invest MOP$2.5 billion (US$310 million) to renovate the Lisboa and Grand Lisboa hotels including the addition of more non-gaming elements.
At that time, SJM estimated that the refurbishments would take place from 2025 and be completed in 2027 or 2028.
While Ho did not provide any additional information on Friday about completion dates, she did provide an update on recent business trends, stating, “October is expected to be the best month so far this year and the results are better than expected.”
According to a recent survey by investment bank JP Morgan, Macau’s market-wide gross gaming revenue during the eight-day Golden Week holiday reached MOP$6.65 billion (US$825 million) or MOP$830 million (US$103 million) per day, by far the highest amount post-COVID.
As previously reported by IAG, Macau’s concessionaires will be required to increase their mandated non-gaming investment by 20% should total GGR exceed MOP$180 billion (US$22.3 million) in 2023. Asked about such a prospect, Ho said, “The company is prepared for this, as it is stipulated in the contract.”
