SJM Holdings Limited said in a statement earlier this week that it has announced two “strategic acquisitions” that aim to enhance the group’s culinary leadership and strengthen its mass market presence.
The statement noted that the group has acquired the three-storey Kam Pek Community Centre on Avenida de Almeida Ribeiro from Macau’s former casino monopoly concessionaire STDM for a total consideration of HK$166 million, with payments structured in three stages and all funded through internal resources. The building is expected to be refurbished and redeveloped into a “mass food and beverage hotspot”.
In a separate strategic move, the statement said that SJM Holdings has also acquired the entire equity interests in, and related shareholder’s loan to NYH European and NYH Italian, both being indirect subsidiaries of STDM, which are currently developing two distinctive Western dining establishments within the Grand Lisboa Palace (GLP) in Cotai, for a total consideration of around HK$31.5 million.
The two venues include the London-based café “EL&N” and the self-branded Italian restaurant “Mamma Pizza”, with the additions being part of a broader initiative to optimise the company’s F&B portfolio at GLP.
SJM Holdings Limited Chairman and SJM Resorts Managing Director Daisy Ho Chiu Fung was quoted by the statement as saying: “SJM is a forerunner in Macau’s gastronomy scene, and we are looking to apply our competitive advantage in fine-dining to bring about a wider spectrum of culinary experiences for our consistently growing mass market segment”. She added that the two acquisitions “represent ideal opportunities due to the prime locations of the properties and their complementary nature to our existing operations”.
This undated photo downloaded from Grand Lisboa Palace’s (GLP) website last night shows its Jardim Secreto (Secret Garden).
