In Macau and local businesswoman Angela Leong On-Kei (pictured) has reportedly become the sole owner of the 283-room L’Arc Macau venue after purchasing its Power Link Fortune Limited and City Honour Developments Limited parents.
According to a report from Inside Asian Gaming, Leong is the fourth consort of late Asian casino magnate Stanley Ho Hung-Sun and also serves as the Co-Chairman and Executive Director for local gaming giant SJM Holdings Limited. The source detailed that the 60-year-old entrepreneur completed the transaction for an undisclosed amount on Monday to moreover take control over the gambling-friendly property’s L’Arc Entertainment operating entity.
Leong reportedly has a long history with the downtown L’Arc Macau after joining with late Hong Kong real estate tycoon Cheng Yu-Tung in 2009 to get the 53-story facility built. Moreover a member of the former Portuguese enclave’s Legislative Assembly, the billionaire purportedly revealed that she will be maintaining third-party ‘satellite’ agreements until June of next year that see SJM Holdings Limited operate the development’s in-house casino with Suncity Group handling associated VIP junket services.
Hong Kong-listed SJM Holdings Limited reportedly used a Monday filing to respond positively to the transaction and declare that its completion ‘represents a significant change’ when compared with the earlier ownership of L’Arc Macau that had involved Leong serving as ‘one of a number of investors in the indirect holding companies.’ The casino operator furthermore purportedly proclaimed that it is to continue supplying the impressive property with support services covering such areas as marketing, promotion and customer development and introduction.
SJM Holdings Limited reportedly went on to assert that the decision to keep its existing agreements with L’Arc Macau despite a change in the venue’s ownership is ‘in line with the group’s business of operating various ‘satellite’ casinos,’ which is ‘the ordinary and usual course of the business of the group’. The operator is purportedly responsible for 14 such ‘satellite’ gambling enterprises spread across Macau including those inside the Hotel Golden Dragon and the Grand Emperor Hotel.
Furthermore responsible for the iconic Casino Grand Lisboa, SJM Holdings Limited earlier disclosed that it is expecting to soft launch its $5 billon Grand Lisboa Palace development before the end of next month following almost 88 months of construction. It pronounced that this Cotai Strip venue is to premiere complete with around 300 hotel rooms alongside a 290,000 sq ft casino offering a compliment of 1,034 slots and 304 gaming tables before later adding a pair of in-house boutique hotels to take its aggregate room count up to 1,892.