Thursday, October 18, 2018

Stanley Ho’s Son, Arnaldo, Moves to Revive Dormant Cotai Entertainment Complex Project

Casino News Daily
Stanley Ho’s Son, Arnaldo, Moves to Revive Dormant Cotai Entertainment Complex Project

Arnaldo Ho and Macau Theme Park and Resort move forward with the construction of an entertainment resort without the theme park featured in original plans

Arnaldo Ho, son of Macau casino mogul Stanley Ho, announced earlier today plans to revive an entertainment and hospitality project that has remained dormant for eight years, as city authorities have moved to seize vacant land, Reuters reports.

Macau Theme Park and Resort Ltd., the real estate developer led by Mr. Ho, today announced that they plan to develop an 820-room hotel and leisure amenities on a portion of land located on the Cotai Strip, known to be the Macau equivalent of the legendary Las Vegas Strip. The resort will cost HK$5 billion (approximately $638 million) and will open doors in 2020.

The project was first introduced in 2010 by Mr. Ho’s mother, Angela Leong, but little progress has been made toward its materialization since then. The original plan included five hotels with themes such as popular character Hello Kitty, an equestrian center, convention facilities, an indoor beach, and multiple other amenities. Under that initial plan, the resort would have also featured a theme park.

However, it was namely the theme park portion of the scheme that delayed the start of development work. The developer applied back in 2010 for a permission to add a theme park to the resort’s facilities, but has never been given the necessary legislative approval to do that.

Why Now?

It is believed that Macau Theme Park and Resort’s decision to proceed with the construction of the property has to do with a 2013 law that aimed to prevent developers from buying land to profit from value rises without conducting any development activities on it. Under the law, local authorities have begun seizing vacant land across the popular gambling hub. According to Reuters, as many as 100 plots have been seized over the past year.

Mr. Ho said today that they are moving forward with the project without the theme part, but also pointed out that they “continue to communicate with the government and hope it can give [them] the opportunity to develop a new Macau theme park.”

The new hotel and entertainment resort will be named Lisboeta and will be located on a portion of land not far from where SJM Holdings, the gaming and hospitality company owned by casino mogul Stanley Ho, is building the $4.6-billion Lisboa Palace. The mega-resort is expected to open doors sometime in 2019.

Arnaldo Ho said today that Lisboeta will have a more nostalgic feel. The property will recreate the Macau Palace floating casino that was featured on the 1974 James Bond classic The Man with the Golden Gun and will feature a number of other attractions.

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The post Stanley Ho’s Son, Arnaldo, Moves to Revive Dormant Cotai Entertainment Complex Project appeared first on Casino News Daily.

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