Macau casino operator SJM (0880) has abandoned its planned acquisition of the property of Casino Ponte 16 and will shutter the venue next Friday, following a business review.
All gaming tables and gaming machines will be relocated to other SJM properties, while locally hired employees will either be transferred to the group's other casinos or given priority consideration for group vacancies, ensuring operational continuity and workforce stability, SJM said.
The termination agreement, mutually executed on November 20 between SJM Resorts and its 51 percent-owned subsidiary Pier 16 Entertainment Group Corporation, ends their service agreement signed in December 2022 and marks another consolidation in Macau's evolving gaming landscape.
The board confirmed the closure would not significantly impact overall operations or financial performance, SJM said.
