Hong Kong-listed Emperor E Hotel, the owner and operator of Grand Emperor Hotel on the Macau peninsula, has reached an agreement with SJM Resorts that will see SJM take over operations of Grand Emperor’s casino until the end of the year.
Emperor E had previously unveiled plans to close the casino from 27 June 2022 – the day after the original expiration date of Macau’s casino concessions – due to the “tough business operating environment arising from the COVID-19 pandemic.”
However, it announced on Wednesday that it has now entered into a new agreement that will see SJM take over casino operations from 27 June until 31 December 2022, with Emperor E subsidiary Tin Hou to run the hotel, catering and ancillary services. SJM will pay a maximum fee of HK$21 million to Tin Hou for providing these services, while Emperor E will provide the gaming space to SJM to continue its operations free of charge.
The company described the agreement as being “in the interests of both Emperor E Hotel and Emperor International and their respective shareholders as a whole.”
