Food court of Grand Lisboa no longer handled by Future Bright

The food court of SJM Holdings Ltd’s Grand Lisboa Palace casino resort in Macau’s Cotai area will no longer be handled by Future Bright Holdings Ltd, a culinary services company registered in Hong Kong, after the previously planned three-year contract was terminated.

Despite mentioning this plan in a January 2020 filing, Future Bright has admitted to the Hong Kong Stock Exchange that company never really took possession of the space, claiming the COVID-19 pandemic as the reason for this.

Owing to the current state of the Macau tourist industry, Future Bright has chosen to focus on its current business to generate steady income while lowering operating costs and debt. Due to the termination agreement, a right-of-use asset valued at about HKD22.80 million (US$2.91 million) would be lost.

While the deal was still in progress, SJM Holdings committed to reduce the minimum payment charge for Future Bright’s subsidiary, Bright Noble Co Ltd, in July 2021. The major business of Future Bright is running food courts and restaurants in Macau, Hong Kong, and mainland China. Chan Chak Mo, the managing director of Future Bright, is a prominent legislator in Macau.

In a separate filing, Future Bright said that it has extended its lease to operate a Japanese restaurant in a storefront inside Sands China Ltd.’s Cotai casino resort, the Venetian Macao. The extended period of four years begins on September 1, 2023, and ends on August 31, 2027. Since 2008, Future Bright has been running the Japanese restaurant at the Venetian Macao, and the business has continued to have reasonable financial success.

Original story by: GGRAsia