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SJM’s Angela Leong acquires full ownership of L’Arc Macau

Ben Blaschke by Ben Blaschke
Wed 19 May 2021 at 14:43
Macau entry restrictions placing Grand Lisboa Palace opening date in limbo: Angela Leong

SJM Resorts' Managing Director, Angela Leong.

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SJM Holdings Co-Chairman and Executive Director Angela Leong On Kei has acquired all interests in the group of companies that own Macau hotel and casino, L’Arc Macau.

According to a filing by SJM, Leong informed the company that, as of 17 May 2021, she had become the sole owner of L’Arc holding companies City Honour Developments Limited and Power Link Fortune Limited, which indirectly own L’Arc Macau operating entity L’Arc Entertainment.

No details of the size or nature of such transactions was provided, although SJM noted that Leong’s full ownership “represents a significant change from the earlier position where [she] was one of a number of investors in the indirect holding companies.”

Nevertheless, the company said a series of agreements between its subsidiary, Sociedade de Jogos de Macau, S.A (SJMSA), L’Arc Entertainment and VIP gaming promotor Suncity Group would remain in place.

Those agreements include an original 2009 agreement, since extended through to June 2022, under which L’Arc Entertainment provides support services to SJMSA in relation to marketing, promotion, customer development and introduction, as well as authorizing SJMSA to occupy and use a designated area of L’Arc to operate a casino under a third-party “satellite” arrangement.

A so-called “tripartite agreement” between SJMSA, L’Arc and Suncity relates to payments owed between the parties for VIP operations.

While those agreements are now connected transactions due to Leong’s ownership, SJM said it considers them to be “in line with the Group’s business of operating various satellite casinos, which is in the ordinary and usual course of the business of the Group.”

Leong has a close connection with L’Arc Macau, having been a 50/50 investor alongside Hong Kong real estate tycoon Cheng Yu-tung when the building first opened in 2009.

L’Arc Macau

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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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