Packer Gambling On 3rd Macau Casino, by Greg Tingle
- 18th June 2011
Macau casino joint venture plans to build a massive
$US2.5 billion ($2.3bn) casino resort...the group's
lucky third in the Chinese territory. This will see
them look capitalise on surging gaming revenues in
the red hot part of the world.
Crown Entertainment yesterday signed off on a $US360
million deal to gain control of the Macau Studio City
project, an "integrated resort project"
on hold since the global financial crisis and in planning
for more than 10 years.
firms chief executive, Lawrence Ho, advised the property's
theme and demographic target focus would be differentiated
from the company's existing Macau property assets,
the City of Dreams and the Altira Macau.
is due to start early next year and it is believed
the partners have no plans for an equity issue to
fund the project.
believe Macau Studio City's existing land grant and
previously completed site work will allow us to significantly
expedite its construction timetable," Ho told
the press yesterday.
will be Melco Crown's second project on Macau's Cotai
strip, a vast stretch of reclaimed land situated between
the islands of Taipa and Coloane that land based casino
developers in Macau, such as Ho and Packer, are promoting
as the orient's answer to the Las Vegas strip aka
"Sin City". City of Dreams is in Cotai.
year, Ho said Melco Crown was prepared to build more
casino resort developments in Macau and elsewhere
in Asia. Packer's Crown holds a 33.4% stake in Melco
Studio City site is one of the last prime land sites
available in Macau for development.
is located at the Lotus Bridge immigration point,
making it the virgin resort that tourists encounter
via entering Cotai.
the financial meltdown, Melco Crown had a management
arrangement with Studio City's owners to run the casino
at the site, but elected to take control of the project
after it became troublesome for the owners to properly
fund it within the prior structure.
Crown is understood to have codenamed the deal Project
deal ends 3 long years of delays caused by legal matters
and a range of dramas between the Hong Kong and US
City was previously owned by a joint venture between
Hong Kong-listed entertainment company eSun Holdings
and New Cotai Holdings, an entity controlled by funds
managed by US firms Silver Point Capital and Oaktree
Cotai Holdings will hold a 40% stake.
Crown will pay New Cotai $US100m in 3 instalments
over two years.
the financial crunch, the casino development was to
have included a specially designed 4000-seat arena,
a 2300-seat theatre, Asia's first "Playboy Mansion"
and 4 new classy hotels - a Ritz-Carlton, a W Hotel,
a Marriott and the world's first Tang Hotel.
month, Macau gaming revenues rose 42.4% to a record
$US3.03bn, what Vegas casino operators dream of.
were rocketed by the opening of Galaxy Entertainment
Group's $US2bn resort development at Cotai, which
is nearby to the City of Dreams.
remain bullish on Macau's prospects and believe high-quality
new supply, such as Macau Studio City, will continue
to drive incremental demand," Ho said.
Man has been speaking to property and gaming experts
about the Packer - Macau developments, with 95% believing
that the latest Packer Macau project with be a "good
to great business and investment".
good punting, know your limits and bet with your head,
not over it.
of Dreams is a property along the Cotai Strip
in the Cotai reclaimation area in Macau built,
owned and managed by Melco Crown Entertainment,
formerly known as Melco PBL Entertainment. City
of Dreams is Melco's second mega-sized property
in Macau. It is located directly opposite The
Venetian Macao, the first property in Cotai, opened
by Las Vegas Sands Corp.
City of Dreams, widely known as COD or COD Macau
in the industry, is in the style of a podium,
with four towers: namely the Hard rock Hotel,
Crown Towers, the Grand Hyatt Macau, and a 47-storey
luxury apartment block. Its three-floor podium
includes a mega-casino, over 200 shopping facilities
and hotel guest facilities. City of Dreams will
offer 420 000 sq ft of gaming space that boasts
550 gaming tables and 1500 machines, over 20 restaurants
and bars one of the largest in the city. The mega
property also includes 175 000 sq ft of high-end
retail space (The Boulevard) spread across two
Also two theaters will open attract patrons, the
first one "The Bubble" will show a HD
media projection presentation entitled "Dragons
Treasure". The Dragone Theater will open
in mid of 2009.
The first phase COD Macau will open on 1st June
2009, while Hyatt will open in August 2009, and
the Apartments likely to open in 2010.
Casino: 420,000-square-foot, 550 gaming tables
and 1,500 gaming machines
Hotel: 2,200 guest rooms and suites
Grand Hyatt Macau
Hard Rock Hotel
Apartment: Apartment Hotel
Shopping: The Boulevard, 175,000 square feet of
retail space spread over two levels
Dining: Over 20 food and beverage venues
Multi-media Show: Dragon’s Treasure™
will be showcased in The Bubble™, a dome-shaped
theatre and one of the iconic landmarks located
in City of Dreams. This 10-minute immersive multi-media
experience combines high-definition video content,
a sweeping musical score, over 29,000 theatrical
LED lights, and a variety of sensory effects to
create a stirring multi-media extravaganza.
of Dreams is the title sponsor for Matthew Marsh
in the 2008 Macau Guia race. COD organized a visit
by Matthew Marsh to the Fountain of Hope, a Macau
based non-profits home in November 2008. (Credit:
Crown Casino and James Packer on the Upswing -
3rd April 2009
Casino Won't be Taking Stake in Las Vegas Project
- 5th April 2009
odds-on as prices soar
draws the line on its casino industry - 23rd April
house take grows 23% to $8.9b - 24th January 2007
Macau Officially Opened by James Packer
to join Macau's casino rush - 27th January 2007
Man Australia does not represent City Of Dreams