Landmark Chair Highlights Lease Terminations Due to Casino Closures
Summary
Chong Sio Kin, Chairman of New Orient Group (which operates the Landmark casino in Macau), discusses how the ongoing closures of satellite casinos have led to numerous lease terminations in the surrounding area. The cancellation of satellite gaming operations has stirred up challenges in the real estate market, notably in the NAPE area. Chong emphasises that the fallout from these closures is likely to create a ripple effect on businesses dependent on the casino clientele.
Key Points
- The closure of satellite casinos, including Landmark, has led to immediate lease terminations in the NAPE area.
- The average floor price per square metre for properties in Macau has dropped significantly by 25% year-on-year.
- Chong urges government intervention to revive market confidence and stimulate real estate investment.
- Many local businesses are considering relocation due to the adverse impacts of the casino closures.
- The gaming concession operator, SJM, plans to absorb some of the satellite casinos but not all.
Why should I read this?
This article sheds light on the grim reality facing the Macau real estate market following the satellite casino closures. If you’re invested in or interested in the gaming and real estate sectors, this is a must-read to understand the ongoing challenges and the potential long-term implications for local businesses.
