The operator will continue casino operations at Casino L’Arc.
Macau.- SJM Holdings has received approval from its shareholders for the acquisition of L’Arc Hotel in Macau. More than 99.9 per cent of votes were cast in favour of the proposal at the company’s extraordinary general meeting.
With the green light, the operator can now purchase the property in order to continue operations at Casino L’Arc after the December 31 for the closure of satellite casinos in Macau.
SJM will acquire 100 per cent of Arc of Triumph Development Company Limited, owner of the hotel and its casino, for HK$1.75bn (US$224m). It will repay up to HK$1.75bn (US$224m) of Arc of Triumph’s HK$1.93bn ($247m) bank debt, with the vendors to cover the remaining HK$177.5m (US$22.7m) with financing from a 3-year loan provided by SJM Resorts to its principal owner.
The operator will continue casino operations at Casino L’Arc. Macau.- SJM Holdings has received approval from its shareholders for the acquisition of L’Arc Hotel in Macau. More than 99.9 per…
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