China – Macau’s Grand Emperor Hotel to close satellite casinoBy Phil - 4 April 2022
Macau’s Grand Emperor Hotel has confirmed it will close its satellite casino, run via a licence with SJM Resorts, at the end of June 2022, although it will continue to operate the hotel element of its business.
Emperor Entertainment said: “As the Group has been facing a tough business operating environment arising from the COVID-19 pandemic over the past two years, which resulted in segment losses the Group for both the year ended 31 March 2021 and the six months ended 30 September 2021, and considering the gloomy outlook of the high-end gaming segment, the board of directors, after careful and due consideration, has resolved not to renew the Service Agreements with SJM and to cease the gaming operation of the Group upon the expiry date.”
“The Board shall explore suitable opportunities to utilise the financial resources with an aim of expansion of its hospitality business,” it added. “Given the strategic position of Hong Kong and Macau within the Greater Bay Area, the Board is positive towards the outlook of the hospitality sector in the long run after the anti-pandemic measures.”