September 30, 2022 Macau
SJM Resorts has appointed Daisy Ho as its new Managing Director.
As noted by SJM, the appointment, from the group’s Board of Directors, has been approved by the Chief Executive of the Macau SAR.
Ho was elected to the SJM Board of Directors in March 2019, and is also an Executive Director of SJM Holdings Limited, the holding company of SJM, where she was appointed as Chairman in 2018.
“With this appointment, Ms. Daisy Ho is granted expanded management rights and authorities,” a statement from SJM read. “She becomes the official representative of SJM and is responsible for all formal business dealings and contacts with the Macau SAR Government, as well as with the subsidiaries of the company and other entities.
“Ms. Ho is also responsible for overseeing the day-to-day operations of the company and corporate matters including the formulation of policies, objectives, and investment plans to ensure that the company and its activities are in full compliance with the relevant legal and regulatory obligations.”
In August, the operator received the necessary approvals to increase its share capital to MOP5bn (US$618.4m) from MOP300m as part of the process to apply for a new concession under Macau’s gaming-related public tender, which it submitted in September.
The operator’s bid has since been accepted, with the Gaming Concession Public Tender Committee currently making its decision on which operators will be granted concessions. Seven companies submitted bids, with the new concessions expected to begin operating on 1 January 2023, scheduled to run for a period of 10 years.
Competing alongside SJM for the six concessions are incumbents Galaxy Casino Company Limited, Wynn Resorts, MGM Grand Paradise Limited, Venetian Macau Limited, and Melco Resorts Limited, as well as newcomer GMM Limited, a subsidiary of casino operator Genting Malaysia.