Actual construction work to renovate the Grand Lisboa Casino Hotel in downtown Macau is likely to begin next year, President Daisy Hochupung said when asked by GGRAsia about Friday’s event.
The reform is currently in the planning stage, the executive said. She also confirmed that it will include the reconstruction of hotel rooms, the addition of restaurants, and plans for additional stores. She was speaking at a reception at the Grand Lisboa Palace Casino Resort in Kotai earlier this month to mark the 74th anniversary of the founding of the People’s Republic of China.
After Grand Lisboa’s renovation, the “number of hotel rooms we will maintain” is the same, Ho said. According to information from the Macau government tourism agency, the property has 431 rooms and suites.
Grand Lisboa already has several restaurants, other food and beverage stores, jewelry stores, and gift shops, as well as several floors of casino games. The property also houses an additional outlet for Macau SLOT Co. Ltd., the city’s sports betting concession company.
The property has been one of Macau’s casino hotel complexes since February 2007 in phases.
Grand Lisboa posted total revenue of HK$2.4 billion ($306.5 million) in the first half of this year, including total casino gaming revenue (GGR) of HK$2.27 billion and non-gaming revenue of HK$137 million. This follows first-half earnings from SJM Holdings, which was announced in August.
In the six months to June 30, the hotel occupancy rate at the location was 87.8%, with per-room revenue of HK$901.
At Friday’s event, her group said it was ready to meet additional concession-related investments required by Macau’s government if Macau’s annual GGR reached more than 180 billion MOPs ($22.3 billion).
The six Macau concessionaries must increase their collective investment by up to 20% during the current 10-year concession period once the market-wide threshold of $180 billion is met.