Asia's largest casino operator, SJM Holdings Ltd, had drafted plans to acquire properties which would increase its size to three times its current size. The land would be for a planned casino resort located in the Cotai area of Macau.
SJM was established by gambling tycoon Stanley Ho and the plan entails the purchase of landholdings owned by the mother of Ho's youngest children. According SJM CEO Ambrose So, the completion of the acquisition is planned for the end of the year, without providing a price for the sald transaction.
The expansion to be undertaken is to catch up with rivals Sands China and Galaxy Entertainment Group Ltd. SJM runs 20 of the island hub's 35 casinos but none of them are located in te Cotai area. SJM is also the last one of the city's casino operators to receive government approval for the development of the casino resort to be located in the area.
According to So in a September 5 interview conducted in Macau, "By combining the two pieces of land, we'll have a bigger site to develop a full fledged resort. The expansion will give us a leg up on competition with other casino operators."
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