SJM Holdings is likely to be forced to delay the opening of its Grand Lisboa Palace to Q3 from Q2 due to the ongoing wait for licensing permits, Morgan Stanley notes.
It is still waiting for an occupancy permit and other approvals from both the Macau Government Tourism Office and the Gaming Inspection and Coordination Bureau that could take at least four to eight weeks, the firm said.
SJM plans to open 260 mass tables at the resort, while 44 VIP tables aren’t likely to open until 2022 when the high-end Versace hotel opens, it said. The property is likely to debut with 650 rooms in its own-brand hotel.
It may be a little early to write the obituary for Japan’s IR policy, but additional evidence was presented this past week about what could already be described as the biggest flaw in the design of Japan’s IR regulation—the short periods that IR licenses will be valid.
For this edition of our magazine, we focus on Southeast Asia, with a particular look at the Philippines. The country’s casino industry has been among the hardest hit in Asia, with the integrated resorts in Manila’s Entertainment City having remained mostly closed to the general public since the beginning of the crisis last year.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.