Shareholders of Macau concessionaire SJM Holdings have overwhelmingly voted in favor of the acquisition of satellite casino L’Arc for HK$1.75 billion (US$225 million) at an Extraordinary General Meeting held Monday.
The company said in a filing that around 99.93% of votes were cast in favor of related resolutions, which will see SJM take full control of the property’s current owners – Arc of Triumph Development Company Limited, Arc of Triumph Hotel Management Company Limited and Le Royal Arc Property Management Company Limited. All are linked to SJM’s own co-Chairman and Executive Director, Angela Leong.
The EGM also saw shareholders approve a loan agreement under which SJM will provide a secured loan to Leong in the amount of HK$177.3 million, representing the shortfall between what SJM is paying to the sellers and the property’s existing debt being repaid.
As previously reported by IAG, the transaction will see SJM acquire L’Arc Hotel and Casino L’Arc Macau as well as various retail and F&B outlets on the premises – strategically located in the heart of the Macau peninsula’s entertainment zone on the same strip occupied by MGM Macau, Wynn Macau and StarWorld.
However, the company recently opted not to pursue a similar acquisition of Inner Harbour satellite casino Ponte 16.
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