Landmark Chair Says Satellite Casino Closures Have Led to Lease Terminations
Summary
Chong Sio Kin, the Chairman of the New Orient Group, has reported multiple lease terminations in the NAPE area of Macau following the announcement of satellite casino closures by year’s end. Landmark, a prominent player, along with nearby satellites Fortuna and Kam Pek Paradise, is significantly affecting the local real estate landscape.
Despite SJM’s plans to acquire some properties, the imminent closure of Landmark raises concerns over reduced market confidence and further cancellations of leases, exacerbating the effects of the post-pandemic real estate downturn.
Key Points
- Chong Sio Kin speaks on the fallout of lease terminations continuing in the NAPE area due to satellite casino closures.
- The average floor price per square meter in Macau dropped 25% recently.
- There’s a demanding call for government policies to boost market confidence amid these closures.
- Local businesses express intentions to relocate rather than adapt to the shifting market environment.
- A ripple effect is expected from the cancellation of gaming operations, impacting nearby businesses and real estate values.
Why should I read this?
If you’re interested in the ramifications of casino closures on local economies, this article’s a must-read. It highlights significant shifts in Macau’s real estate and business landscapes—insights that could be crucial for stakeholders in the gaming and real estate sectors.
