SJM Holdings has announced that it may partially open Grand Lisboa Palace in Macau by the end of Q2 2021.
Grand Lisboa Palace in Macau will open before the end of the second quarter of SJM
SJM Holdings will open the long-awaited integrated Cotai center, Grand Lisboa Palace in Macau, the world's gambling capital. The resort will initially cover 300 hotel rooms, 304 game tables, 1, 034 slot machines, lots of grocery and retail stores.
During In the first quarter of 2021, talks with analysts about earnings the company has provided more details on what the resort's gaming areas will look like after the completion of the recent operations. Analysts say SJM executives have confirmed Grand Lisboa will partially open before the end of Q2.
Originally the Grand Lisboa Palace was to be opened in charge 2017but has experienced several delays in recent years. The company's management board did not disclose the exact date of its partial opening. Currently, the company has approx 2, 000 staff waiting for the Grand Lisboa Palace to open. After reaching the full ramp, the expected number of employees will increase to 6, 000 .
Earlier this year, SJM announced that some of its employees are entitled to a maintenance allowance . The company launched the program in 2014 by calling him "Guaranteed bonus" for their employees.
The resort has 1,892 rooms when fully functional
SJM has confirmed that although it will have slightly more than 300 rooms at the initial opening after opening, it later expects to accommodate guests in a maximum of 1,892 rooms if they are boutique hotels, Palazzo Versace Macau and Hotel Karl Lagerfeld , open door.
According to Credit Suisse analysts Rebecca Law , Kenneth Fong
and Lok Kan Chan The success of Grand Lisboa Palace depends mainly on the realization of the competitive marketing segment. They found that they were optimistic about prospects and were eager to start a business. They said premium marketing and mass operations are ready to go.
While it waits for Grand Lisboa Palace to finally open its doors, SJM continues to lag behind its competitors. However, the company told analysts that when the first guests showed up, it would recover "better than fair share."
Sanford Bernstein's analysts, Vitaliy Umansky , Kelsey Zhu and Louis Li expressed skepticism about the achievement of this target at the Grand Lisboa Palace. According to them, there is a lot of competition in Cotai when it comes to loyalty programs, product offer and level of service. They said they did not expect Grand Lisboa to be "better than its fair share" for several years.
According to the Management, the garbage is waiting for GLP offer which may increase its market share. However, the margin will be very questionable.
Analysts also said it is now a wait and see game as garbage has the potential to impact profit.