Lai Ieng Investment, a company controlled by Macau casino operator David Chow, has borrowed RMB1 billion (US1 million) from a consortium of local lenders to develop a Portuguese-themed commercial center on Macau’s neighboring island of Hengqin.
Chow said Lai Ieng is talking to supermarkets, a 3-D cinema operator, retailers, restaurant chains and a spa operator to join the 30,000-square-meter complex, which broke ground last week and is slated for completion in two years.
Chow’s Macau Legends Development operates the Landmark Hotel in Macau and its Pharaoh’s Palace casino and the Babylon casino at the Fisherman’s Wharf outdoor leisure park, which is located near the Macau Ferry Terminal and is currently being renovated and expanded.
Macau casino operator Galaxy Entertainment Group also is planning a major non-gaming resort on Hengqin, which is part of mainland China and governed by the city of Zhuhai. Galaxy said it could invest upwards of RMB10 billion to develop the site, which covers more than 2 square kilometers.
Hong Kong-based conglomerate Shun Tak Holdings, founded by casino tycoon Stanley Ho and managed by his daughter Pansy, controls another significant parcel on the island, where it plans to build a resort hotel, private residences and supporting leisure amenities.