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Macau’s grand old lady seeks international suitors
MACAU – Macau’s Sociedade de Jogos de Macau (SJM) has announced plans to rebuild Asia’s oldest casino resort, Hotel Lisboa, in 2009.
The project, which is expected to be completed by 2012, will have its architecture decided by an international design contest.
The landmark hotel, which has been in operations since 1970, has played an important role in Macau’s economic development.
Grand Lisboa, a recent addition by SJM in early 2007, will remain as SJM’s flagship casino.
Currently, there are 28 casinos in Macau after the latest entry of MGM Grand Macau in December 2007.
Still in Macau, James Packer’s Macau casino development venture, Melco PBL, has continued to fall from favour with investors.
Analysts attribute a 50 percent dip in its value in the past three months to uncertainty over predicted earnings due to a flurry of casino openings squeezing revenue, a $US400 million shortfall of development funds, and fears Chinese authorities might change gambling policies.
Melco PBL has also delayed the final purchase of land for the third project on the Macau Peninsula, Trinity, and says it is unlikely to secure the land until the middle of this year.
The Crown Macau casino-resort opened fully in August after a gala opening in May. The first stage of the $US2.3 billion City of Dreams project is set to open in March next year.
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