THE M3: SJM 7&8 APPLICATION DENIED; SJM & COTAI IR

The Macau Metro Monitor, December 17th, 2010

 

MACAU REJECTS SJM REQUEST FOR COTAI SITES 7,8; LIKELY TO GET OTHER LAND 1ST QUARTER-SOURCE Reuters

According to a person familiar with the matter, the Macau government has rejected SJM's application for sites 7 and 8, as the two sites require a public tender.  The source said SJM is likely to secure land rights for another plot of land on Cotai in the 1Q 2011.  SJM CEO Ambrose So had forecasted that land rights for planned casino projects in Cotai would likely be granted to SJM, Wynn Macau and MGM Macau by the end of 2010.


SJM IN TALKS WITH COTAI'S THEME PARK Macau Daily Times

SJM is talking with Macau Theme Park and Resort Ltd, who is owned by Angela Leong, to see if they can integrate their sites on Cotai.  Macau Theme Park and Resort has already acquired a 200,000 square metre site, and Leong said the park would not include gaming facilities.  The integrated resort project will be developed in three phases and each of them will take about two and a half to three years to complete.  In the meantime, SJM has already applied for a piece of land of some 70,000 square metres also next to the Macau Dome. 

 

Ambrose So predicts GGR will reach MOP 190 BN this year, slightly above his first forecast of MOP 180 BN.  “I am still bullish about next year.  I still believe Macau’s [gaming revenues] will grow at least 15 to 20%. I think we [SJM] will keep growing together with the market and gain a few percentage points more in market [share] like we did in the past," he said.