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Macau and local casino operator SJM Holdings Limited have reportedly announced that they will move about 1,000 employees of the upcoming Grand Lisboa Palace from its iconic Casino Grand Lisboa.

The Hong Kong-listed company made the announcement as part of Tuesday's official filing on its first-quarter financial results, further detailing that the upcoming facility is now almost complete and on track to begin welcoming guests during the second half of the year.


SJM Holdings Limited, which is responsible for about 20 gambling-friendly locations spread across Macau, began work on the 2,000-room Grand Lisboa Palace in February 2014 to better compete with nearby properties such as rival Melco Resorts & Entertainment Limited's $3.2 billion Studio City Macau. The operator explained that the new $5 billion development will include three five-star hotels branded under the Grand Lisboa Palace, Palacho Versace and Karl Lagerfeld Moniker and conference facilities, 290,000 square feet of casinos and various stores and restaurants.


SJM Holdings Limited also declared in a financial update that relocating workers to Grand Lisboa Palace could reduce the cost of 'staffing in storage' at its 13-year-old casino Grand Lisboa. The company has also reportedly said it has spent just over $4.2 billion on the Kotai Streep project so far but has no plans to spend the rest of the budget until the venue officially opens.



In related news, SJM Holdings Limited has sought the bank's exemption from financial contracts for up to six quarters over the ongoing coronavirus-related slowdown in the Macau gambling market. However, the investment firm reportedly announced that the casino giant has 'no plans to cut local staff or reduce compensation at this point' as it remains 'very optimistic' that the region will be able to 'return to previous levels.'



"Social distancing rules are likely to remain in place for the time being. SJM Holdings is not too concerned because there is enough space in Casino Grand Lisboa to accommodate the necessary configurations."

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