MACAU, S.A.R. -- Contradicting earlier reports, Macau's Secretary for Transport and Public Works Lau Si Io told reporters that the planned development of the Macau Studio City on the Cotai Strip will not include gaming facilities.
The secretary's statement run counter to earlier announcements by Melco Crown after the company gained control of the project after purchasing a 60% share in the Cyber One Group, the project developer. Last month Melco Co-Chairman and CEO Lawrence Ho announced that Studio City would feature 300 to 400 gaming tables and around 1,200 slot games pending government approval.
According to Secretary Lau, the developer of the project must follow the revised 2008 development plan of Macau Studio City which calls for the development of a film production facility alongside hotels and a retail complex. He reiterated however that the development plans do not include any gaming facility.
The Macau Studio City project is projected to be Asia's first leisure resort to integrate TV and film production facilities with leisure, hotel, and retail establishments initially expected to open last 2009. However, the US$ 2 billion project has been hit with delays after the original American and Hong Kong investors got involved in bitter disputes that ended with both parties resorting to suits.
Last month, Melco Crown Entertainment gained control of the project and announced it was investing some US$ 1.7 billion into the development. With construction set to resume next year, Melco expects the Macau Studio City to open by 2015. Aside from the production facilities, four hotels will be built on the site including a Ritz-Carlton, a W Hotel, a Marriott Hotel, and the first Tang Hotel which will be run by the Shanghai Tang and China Club.
According to Mr. Ho, the location of the Macau Studio City project is the best site on Cotai because it is near the Lotus Bridge and is a future stop of Macau light rapid transit.
Source: Macau Business and Macau Daily Times
Posted: July 8, 2011
