The Government of Monaco owned, Société des bains de mer de Monaco (SBM) (BAIN:EN Paris), has reportedly premiered its restaurant, Café de Paris Monte-Carlo, at the Galaxy Macau casino resort located on the Cotai Strip.
According to GGRAsia, citing the Tuesday press release:
The opening is the European gaming and hospitality company’s first Asian branch of its chic Monaco restaurant, which is modeled on its property in the Mediterranean principality. Located next to the Casino de Monte-Carlo, on the Place du Casino , facing the Hotel de Paris, the Café de Paris Monte-Carlo was founded in 1868 and was completely renovated in 1988.
SBM owns and manages Casino de Monte-Carlo, Casino Café de Paris, Sun Casino, Monte-Carlo Bay Casino along with a number of hotels, restaurants and lounges and nightclubs in the principality of Monte-Carlo.
Galaxy Macau, which is a minority shareholder in SBM, is owned by Galaxy Entertainment Group Ltd. (0027:HK), owner and operator of hotels and casinos in Macau through its subsidiary, Galaxy Casino S.A.
Enterprising partnership:
“the first step in an exciting partnership”
Via its announcement, the Hong Kong-listed company informed that the July 15 opening of the Café de Paris Monte-Carlo branch, was courtesy of a partnership with the publicly traded SBM.
In 2015, Galaxy Entertainment purchased a 5 percent share of SBM for US$43.9 million and is listed as a minority shareholder behind the firm’s main shareholder, the Government of Monaco. At the time, the stock purchase was described as “the first step in an exciting partnership.”
The move was called strategic by Galaxy Entertainment and was the first purchase of any significance by the company that is one of Asia’s leading developers and operators of integrated entertainment and resort facilities.
The news outlet further reports that in May this year, the two companies indicated that a joint bid might be lodged for a Japanese casino license.
On July 20, 2018, the upper house of Japan’s bicameral National Diet ratified the Integrated Resort Implementation Bill, thus paving the way for the opening of up to three integrated casino resorts (IRs) by 2025.
Looking to the future:
Forward thinking, Galaxy Entertainment on Monday announced the launch of a new pilot scheme, GEG Japan-Macau Integrated Resort Management Mentorship Pilot Scheme. Developed in conjunction with the Galaxy Entertainment Group Foundation, Toyo University and the University of Macau (UMAC), the program’s aim is to educate Japanese university students about the management of IRs via month-long trips to Macau.
GEG Vice Chairman Francis Lui said…
“Together with the GEG Foundation and the support of University of Macau, we are very pleased to share our philosophy for sustainable and responsible IR development with what we hope will be the future home-grown leaders of IRs in Japan. As a group we are passionate about nurturing the next generation and in giving them the best possible opportunities for their future careers.”
Lui added, “We recognize that Macau, and GEG, have both the vision and an opportunity to share its formula for success with Japan as it embarks on the path of IR implementation.”
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