SJM Resorts and the owner of the Oceanus casino have agreed that the property's gaming area will revert to the Macau government when the gaming concession expires on 31 December 2022, according to a disclosure by SJM Holdings reported by Macau newspaper Exmoo on 27 May 20221.
The announcement covers the Oceanus gaming area, which the report values at 13.90 billion Hong Kong dollars, and the Oceanus non-gaming area, valued at 5.16 billion Hong Kong dollars1. The two figures together give a transfer consideration of 19.06 billion Hong Kong dollars1. Both valuations were determined by an independent professional valuer, the report said1.
The consideration will be paid in full by way of convertible bonds issued by the issuer to 澳娛, the entity named in the report1. The report did not state the conversion terms, the maturity or the coupon of those bonds.
The report said the arrangement follows the requirements of the gaming concession contract signed by SJM Resorts, the concessionaire of Oceanus1. It added that SJM Resorts and the seller, described as the owner of Oceanus, had agreed to provide an undertaking letter to the Macau government before the expiry of the concession1.
"海立方博彩區將於批給期結束時，即2022年12月31日，歸屬予澳門政府"
The report did not say what the government intends to do with the gaming area after the transfer, whether operations at Oceanus would continue under a new concession, or how the transfer affects staff or customers. Those points have not been reported1.
What it means for players
Oceanus is one of the SJM Resorts properties in Macau, alongside Casino Lisboa and Casino Jai Alai. The transfer concerns the physical gaming area, not the license to operate games, and it takes effect at the end of the old concession period. For anyone planning to visit, the practical question is whether the venue keeps trading after 31 December 2022, and that has not been reported1.
Macau's casino market is regulated under concessions granted by the government, and the rules on who may enter, what games are offered and how the floors are run are set out in the territory's licensing framework. Background on how the market reached this point is in the history of gambling in Macau, and the general entry and play rules are covered in Can I gamble in Macau?. For comparison with other jurisdictions in the region, see Asia's casino destinations compared.
What happens next
The concession expires on 31 December 2022, the date on which the gaming area is to pass to the Macau government1. The undertaking letter is to be provided to the government before that date1. No further steps, including any government plan for the site, have been reported1.
Sources1 sources
- 海立方博彩區年底歸回政府 - 澳門力報官網, exmoo.com
