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SJM buys Oceanus from parent STDM, plans to return gaming area to Macau government after December 31

Andrew W Scott and Pierce Chan by Andrew W Scott and Pierce Chan
Fri 27 May 2022 at 14:59
SJM buys Oceanus from parent STDM, plans to return gaming area to Macau government after December 31
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SJM Holdings has announced that it will acquire Oceanus from its parent company STDM and promised to return the Oceanus gaming area to the Macau government after the existing Macau casino gaming concessions expire on 31 December 2022. However, this does not preclude it from re-acquiring the gaming area from 1 January should it win a new concession.

SJM Holdings says it will acquire Oceanus by issuing HK$1.906 billion worth of 5-year convertible bonds to STDM with an annual interest rate of 2%. The Oceanus non-gaming area is said to be worth HK$516 million with the gaming area worth HK$1.39 billion. The total gaming area is 13,576 square meters.

If the convertible bonds are exercised, STDM’s stake in SJM will increase from the current 54.7% to 58.1%.

In addition, STDM will submit a letter of commitment to the Macau government. According to the requirements of the satellite contract between STDM and SJM, the Oceanus gaming area will be returned to the Macau government after the concession (and therefore the satellite contract) expires on December 31 this year. The acquisition has seemingly been made in anticipation of a formerly contemplated requirement of the new Macau gaming law that concessionaires would be required to own the real estate in which gaming is conducted, thus assisting SJM in its bid for a casino gaming concession post December 2022.

However, early this month it was announced that this requirement was set to be relaxed.

Oceanus’ original acquisition by STDM was in 1999 at a cost of HK$689 million. SJM says that Oceanus is one of the better performing casinos in its group.

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Andrew W Scott and Pierce Chan

Andrew W Scott and Pierce Chan

Born in Australia, Andrew is a gaming industry expert and media publisher, commentator and journalist who moved to Hong Kong in 2005 and then Macau in 2009, when he founded O MEDIA, one of Macau’s largest media companies and parent company of Inside Asian Gaming.

With more than five years’ experience working as a journalist in Macau, Pierce is an experienced media operator with strong skills in news writing and editing. He previously worked with Exmoo, first as a reporter covering government, gaming and tourism-related stories, then as a Deputy Assignment Editor helping set the agenda of the day. Pierce is a graduate of the University of Macau.

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