MACAU BUSINESS
Revamp for Grand Lisboa set to begin next year to add elements
R T
enovation work for the Grand Lisboa casino-hotel is expected to commence next year without any plans for introducing additional rooms, as stated by
Daisy Ho Chiu Fung, the chairperson of SJM Holdings.
Ho said that preparations were already
underway for the 431-room hotel. She also expressed agreement with recent
positive sentiments, highlighting October as the best month of the year for the gaming operator in terms of business. The upcoming revamp, according to Ho, will
create opportunities for incorporating additional features such as restaurants and shops. Ho added that the project would conclude in 2025, before another project kicked off for the Lisboa hotel in 2027.
Okada Manila’s Q3 gaming revenue jumps 29.7 pct year-on-year
he Philippines gaming and integrated resort property Okada Manila reported a 29.7 per cent year-on-year increase in gross gaming revenue (GGR) for the
third quarter of 2023, reaching PHP 12.35 billion (USD217.7 million), as announced by the company’s parent company, Universal Entertainment.
Compared to the previous three-month period, GGR increased by 9.4 per cent. Non-gaming revenue remained basically unchanged, with a slight decrease quarter-on- quarter but posted a 19.7 percent increase. During the July to September period,
Okada Manila’s Adjusted Property EBITDA (earnings before interest, taxation, depreciation, and amortisation) reached PHP
3.56 billion (USD62.7 million), representing a 45.6 percent year-on-year increase and a 15.8 percent increase compared to the previous quarter. Okada Manila is one of the four
integrated resorts with Entertainment City casino licences, alongside Solaire and City of Dreams Manila, and Newport World Resorts.
Cape Verde to revoke Macau Legend gaming concession M
he Government of Cape Verde will revoke the concession for the hotel- casino project in the city of Praia after the Macau
Legend Development Group announced its exit from the project in the Portuguese- speaking country, the country’s Prime Minister announced. “First, we have to revoke the concession. This is a concession for operation and investment. There had already been indications for some time that there would
be problems on the investor’s side, affecting their ability to complete the project,” stated Ulisses Correia e Silva in the capital city of Praia.
In an interview with Hong Kong’s TVB
television, the President and CEO of Macau Legend Development, Li Chu Kwan, announced that the group intends to cease operations both in Cape Verde and Cambodia by 2025. “Now we will proceed with the legal aspects
to revoke the concession and then decide what destination to allocate for this
investment, which cannot remain in its current state,” added the Cape Verdean Prime Minister when questioned on the sidelines of the opening of the new academic year at the University of Cape Verde (UniCV). According to the Prime Minister, the group,
founded by entrepreneur David Chow, cited financial and organizational problems among shareholders as reasons for giving up on one of the highly anticipated tourism projects in Cape Verde.
DECEMBER 2023 19
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