Macau junket operator Golden Group has announced it will be closing three of its VIP Clubs, all located at Hotel Lisboa, at the end of July.
According to a report by Hong Kong-based media group Allin, the three VIP Clubs – Golden Hall, Golden Club and Grand Hall – will operate until 30 July before closing down from 31 July. The report adds that the majority of employees at Golden Group’s Hotel Lisboa junket rooms will be “transitioned” to rooms at Grand Lisboa, while some older employees will be made redundant.
Golden Group, a long-time partner of SJM Holdings, states on its website that it operates a total of eight VIP Clubs in Macau, all of which are located at SJM properties Grand Lisboa and Hotel Lisboa. Closure of the three Hotel Lisboa VIP Clubs leaves it with just five at Grand Lisboa, one on each of the 9th, 10th, 36th, 38th and 39th floors.
Golden Group sent a notice to customers earlier this week in which it thanks them for their support, revealing the company needed to downsize in order to remain competitive in Macau’s junket industry.
VIP operators have been severely impacted by COVID-19, with investment bank Morgan Stanley estimating earlier this week that Macau-wide VIP revenue had plummeted 97% in the three months to 30 June 2020.