Operator News
China – L’Arc Entertainment signs deal with SJM to continue operating satellite at L’Arc Hotel
By Phil - 2 March 2023
SJM Resorts has singed a deal with L’Arc Entertainment, whereby the latter, will continue operating the casino at Macau’s L’Arc Hotel for the next three years for a share in the proceeds.
The agreement, will run from until December 31 2025 with the revenue share limited to US$32m in 2023, US$45m in 2024 and US$57m in 2025. L’Arc Hotel is one of 11 satellite casinos that have been allowed to continue to operate with seven losing their licence. SJM is involved with nine of the continuing satellites.
The property is owned by Angela Leong, the fourth wife of the late Dr Stanley Ho, who is also Chief Administration Officer at SJM Resorts, and Co-Chairman and Executive Director of SJM Holdings.
SJM stated: “The transaction under the L’Arc Services Agreement had been ongoing since 2009 and till the end of 2022. The Directors, including the independent non-executive directors but excluding Ms Leong, consider that entering into the Renewed L’Arc Services Agreement is a continuation of and in line with the Group’s business of operating various casinos owned by third parties, which is in the ordinary and usual course of the business of the Group.”
