Kam Pek Community Centre, a three-story building SJM purchased for HKD166 million to refurbish into a mass-market food and beverage hotspot
Macau casino operator SJM Holdings has announced two separate agreements to acquire subsidiaries of its parent company, Sociedade de Turismo e Diversões de Macau SA (STDM), valued at HKD197.5 million in aggregate. The transactions are aimed at enhancing the company’s “culinary leadership” and strengthening its mass market presence in the Macau market.
Through the first deal, SJM will acquire the Kam Pek Community Centre, a three-story building located on Avenida de Almeida Ribeiro, for HKD166 million. The company plans to refurbish the property into a mass-market food and beverage hotspot, creating a “culinary anchor” at one end of the avenue with SJM’s Grand Lisboa and Hotel Lisboa properties at the opposite end.
“This acquisition not only fulfils the group’s commitment to non-gaming investments, as stipulated in the gaming concession contract, but is also a strategic initiative designed to develop a vibrant culinary hub in the heart of the historic city and enhance Macau’s appeal as a top international destination,” said SJM Chairman Daisy Ho.
In the second transaction, SJM has acquired the entirety of equity interest in, and a related shareholder’s loan to, NYH European and NYH Italian, two STDM subsidiaries that are developing new restaurant concepts at the Grand Lisboa Palace resort in Cotai. The deal’s total price tag is HKD31.5 million.
“These additions are part of a broader initiative to optimize our food and beverage portfolio at the Grand Lisboa Palace, aligning with SJM’s strategy to attract the mass market with a diversified range of international restaurants and cafes,” the company stated.
“The acquisitions represent ideal opportunities due to both their prime locations and complementary natures to our existing operations,” Ho said. Staff Reporter
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