James Packer to build third casino in MacauSource:The Australian
May 31, 2017 Macau casino mogul Lawrence Ho said that Crown Resorts, the company controlled by his former business partner James Packer, and several other gaming companies had upset the Chinese government.
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JAMES Packer's Macau casino joint venture plans to build a $US2.5 billion ($2.3bn) casino resort -- the group's third in the Chinese territory -- as it seeks to capitalise on booming gaming revenues in the region.
Melco Crown Entertainment yesterday signed 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 a decade, reported The Australian. Les jardins du casino brel.
The company's chief executive, Lawrence Ho, said the property's theme and demographic focus would be differentiated from the company's existing Macau properties, the City of Dreams and the Altira Macau.
Construction is scheduled to start early next year and it is understood the partners have no plans for an equity issue to fund the project.
'We believe Macau Studio City's existing land grant and previously completed site work will allow us to significantly expedite its construction timetable,' Mr Ho said yesterday.
It will be Melco Crown's second project on Macau's Cotai strip, a vast stretch of reclaimed land between the islands of Taipa and Coloane that casino developers in Macau, such as Mr Ho and Mr Packer, are promoting as Asia's answer to the Las Vegas strip. City of Dreams is in Cotai.
Last year, Mr Ho said Melco Crown was prepared to build more casino resort developments in Macau and elsewhere in Asia. Mr Packer's Crown holds a 33.4 per cent stake in Melco Crown.
The Studio City site is one of the last quality sites available in Macau for development.
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It is strategically located at the Lotus Bridge immigration point, making it the very first resort that tourists encounter on entering Cotai.
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Originally published asPacker gambles on third Macau casino
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