SJM Raises Budget for New Casino Resort in Macau’s Cotai
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SJM Holdings Ltd., Asia’s biggest casino operator, said it will spend HK$5 billion ($645 million) more than planned on its newest Macau resort due to rising labor and construction costs.
The project in Macau’s increasingly popular Cotai area is expected to cost HK$25 billion to construct, higher than an earlier estimate of HK$20 billion, Chief Executive Officer Ambrose So said at a media briefing in the world’s gambling hub yesterday.