SJM Holdings gets approval for Macau casino

SJM Holdings Limited, a Hong Kong-based casino operator, said Friday it had received approval to build a hotel-casino in Macau, the world's largest gambling market.

In a statement, SJM Holdings said its subsidiary, SJM, had accepted the draft land concession contract with the Macau government for "70,468 square meters" of land in the Cotai area in Macau.

The former Portuguese colony is the only place in China where gambling is legal. SJM will pay the government $269.3 million for the land concession contract. SJM Holdings said it plans to build a casino with 700 gaming tables and 1,000 slot machines.

SJM Holdings joins MGM Resorts International and Wynn Resorts Ltd. in moving forward with additional projects in China. The company did not say when it expects to begin construction.

MGM Resorts International said Thursday it was approved by the Macau government to build a $2.5 billion casino-hotel on the Cotai Strip region. Wynn Resorts recently received approval to build a $4 billion hotel-casino on Cotai.