The Group owns diversified valuable investment in Macau and Hong Kong. It possesses an effective interest in Sociedade de Turismo e Diversões de Macau, S.A. ("STDM") of approximately 15.8%. STDM in turn owns approximately 54.81% of SJM Holdings Limited ("SJM Holdings"), a listed company in Hong Kong. SJM Holdings is effectively entitled to a 100% economic interest in SJM Resorts, Limited (formerly known as “Sociedade de Jogos de Macau, S.A.”), one of six gaming concessionaires licensed by the Macau SAR Government to operate casinos in Macau.