Branson eyeing $3 bln Macau casino and resort
January 28th, 2007 - Category: Real Estate, ResortSir Richard Branson’s Virgin Group is close to securing a 20-hectare site in Macau to build a $3 billion casino complex which could add to the city’s rise as the world’s gambling capital, a newspaper reported.
The flamboyant British entrepreneur whose business empire ranges from airlines to music and mobile phones, is close to acquiring the site in the Chinese special administrative region, the Financial Times reported.
“We hope to get all the boxes ticked in the next couple of months and start developing the site soon afterwards,” Sir Richard was quoted by the paper as saying.
The paper said Sir Richard had held talks with Macau’s leader, Chief Executive Officer Edmund Ho on Wednesday to try and confirm arrangements for the planned entertainment complex featuring three hotels and a casino, which could open by 2010.
Sir Richard was quoted as saying the cost of development would be $3 billion, funded “at least partially with a mix of Virgin equity and debt financing from international banks,” the paper reported. It added Sir Richard would recoup his upfront costs within 18 months of opening.
Sir Richard could opt for a branded joint-venture arrangement with one of six groups which currently hold rights to run casinos in the former Portuguese enclave, the paper added.
Macau recently dethroned Las Vegas as the world’s biggest gambling centre, with some analysts predicting its gambling market could more than double to $14 billion in revenue by 2010. Two of the world’s top gaming firms, the Las Vegas Sands Corp. and Wynn Resorts Ltd have already built mega-casinos in Macau and other world-class competitors including MGM Mirage are due to pile in later this year.
Source: www.timesofmalta.com
