Macau’s largest casino operator, SJM Holdings, has taken a four per cent stake in local gaming group Macau Legend Development.
The transaction, which was completed on August 30, is worth HK$480m ($62m).
Macau Legend Development operates The Landmark Macau hotel and gaming lounge, Pharaoh’s Palace casino and Macau Fisherman’s Wharf, which includes the Babylon Casino.
SJM said that the investment ought to prove an “attractive return” and fits within its core business of developing and operating casinos.
The move may also provide an opportunity for SJM to counter the development of the Cotai Strip by investing in its own tourist district in the Fisherman’s Wharf area.
