Budget for SJM Cotai resort rises 25%

The budget for SJM Holdings Ltd.’s planned Cotai casino resort has risen to HK$25 billion ($3.2 billion) from HK$20 billion, executives indicated as they announced details of the Palazzo Versace hotel tower that will be included.

It will include 270 of the resort’s planned 2,000 rooms and an unspecified share of its 700 tables and is to open in 2017. Gian Giacomo Ferraris, Versace chief executive, said the company’s Macau store is among its best performing in the world. SJM indicated that it is considering buying land in Henqin island, which lies across from Cotai within the Chinese city of Zhuhai.