Grand Lisboa revamp for two years from the end of 2024

Renovations planned by Macau casino operator SJM Holdings Ltd at the Grand Lisboa Casino Hotel in downtown Macau "will begin at the end of the year" and are expected to take two years, company chairman Daisy Ho Chiu-feng (pictured) said in response to a question from GGRAsia. She spoke on the sidelines of a corporate event on Tuesday.

The outline of the Grand Lisboa revamp, which Ho first publicly mentioned last year, will include hotel room renovations, additional restaurants, and new stores. Restaurants will be the first to come, she said on Tuesday. The revamp will take place "in stages," Ho said.

"We're going to see an improved room launch from next year," Ho said, adding, "We're going to be running it step by step so we can continue to operate."

According to information from the Macau Government Tourism Authority (MGTO), the Grand Lisboa Hotel has a total of 431 rooms.

Grand Lisboa's adjusted real estate earnings before interest, taxation, depreciation and amortization (EBITDA) rose 242.9% year-on-year to HK$535 million (W68.5 million) in the first quarter, according to financial highlights released by SJM Holdings last week. Grand Lisboa had casino gross gaming revenue (GGR) of about HK$1.88 billion in the three months to March 31, with hotel occupancy at 98.3%.

First-quarter adjusted real estate EBITDA for Kotai's Kotai property, Grand Lisboa Palace, was HK$88 million, down sharply from negative figures of HK$230 million a year earlier.

Kotai Hotel's first-quarter casino GGR reached HK$1.11 billion. That represents 2.0% of the GGR Macau market share, a recent memo from Seaport Research Partners showed, compared with the company's "5%" target. 바카라사이트 추천

Speaking to GGRAsia on the subject on Tuesday, Mr Ho said: "To be honest, whether we can get to 5% this year may not be speeding up to achieve this quickly."

But she noted that Grand Lisboa Palace's game operations are seeing improvements in daily visitor numbers.

She also said of the Grand Lisboa Palace: "We've worked harder to increase [GGR] market share, whether it's promotional work or the provision of new catering services, and new stores will open in malls."

She said, "We hope that by doing these things, we will be able to attract more visitors. We will also be holding a variety of events. In this regard, we have already been affected to some extent and will continue to do so."