SJM confirms deal to acquire Macau satellite casino L’Arc, opts not to proceed with Ponte 16
Macau concessionaire SJM has confirmed it will acquire satellite casino L’Arc and its associated facilities as part of a HK$1.75 billion (US$225 million) transaction but will not proceed with previously stated efforts to take ownership of Inner Harbour satellite Ponte 16.
In a series of announcements issued Thursday afternoon, SJM revealed it has entered into an agreement to acquire Arc of Triumph Development Company Limited – controlled by SJM’s own co-Chairman and Executive Director Angela Leong – which owns L’Arc Hotel and Casino L’Arc Macau as well as various retail and F&B outlets on the premises. L’Arc is located in the heart of the Macau peninsula’s entertainment zone on the same strip occupied by MGM Macau, Wynn Macau and StarWorld.
The acquisition is, SJM said, subject to approval by the company’s independent shareholders at an Extraordinary General Meeting, as well as the necessary regulatory approvals from Macau authorities.
“L’Arc Hotel is centrally located within the active cluster of gaming, hospitality and visitor traffic on the Macau Peninsula, where the combined pull of surrounding landmarks and attractions creates opportunities that few locations can match,” said SJM Holdings Chairman and Executive Director, Daisy Ho.
by Ben Blaschke