SJM Holdings has received official approval from the Macau government for its planned megaresort on Cotai.
The project was published Wednesday in the government’s Official Gazette, the last of the six casino concessionaires’ planned resorts to get the go-ahead in the burgeoning resort district. The approval clears the way for the company to receive construction approval, a process that is likely to take a few months at least.
“We believe SJM will be in a position to begin heavy construction sometime towards the end of 2013,” Union Gaming Research Macau said in a note to investors on Wednesday. “This would then suggest an opening in line with what management has previously communicated, namely late 2016 or early 2017.”
Macau’s largest casino operator said last week that the resort could be three times larger than originally announced once negotiations are concluded with Director Angela Leong to combine land and resources she controls in the area.
At 70,500 square meters, SJM’s plot is the smallest among the new projects. Ms Leong has a land concession approved by the government for 180,000 square meters adjoining a nearby sports stadium. Plans at one time called for the plot to host a theme park and other family-focused entertainment.
SJM said it expects to have an agreement with Ms Leong by early next year.
