CHINA / Regional |
Macao expects to ride new resort to richesBy Zou Huilin (China Daily)Updated: 2007-01-11 07:07
MACAO: Property developers have launched a new resort project in Macao combining hotels, shopping and film-production studios, which insiders say should spur the growth of the special administrative region's entertainment and tourism industries. David Friedman, the co-chairman and co-CEO of Macao Studio City, said investment in the project would amount to $2 billion. The project was put together by Cyber One Agents Limited, a 60-40 joint venture between the Hong Kong-based eSun Holdings and the US-based New Cotai LLC. The project covers two developments: Macao Studio City, a resort that also houses theatre, television and film production facilities; and Studio Retail, which will house gaming and entertainment facilities as well as hotels. The project will occupy a site next to the new Lotus Bridge immigration checkpoint. eSun Holdings is a media and entertainment company associated with Lai Sun Development, a hotel and property developer. Both companies are part of Hong Kong's Lai Sun Group. New Cotai is a consortium of US-based investors including Friedman, the resort and gaming developer who led Las Vegas Sands' entry into Macao. New Cotai also brings together funds managed by Silver Point Capital LP, a private US-based investment firm, and Oaktree Capital Management LLC, an investment management firm. "Macao Studio City represents a major milestone in the realization of eSun Holding's vision for Macao's tourism and entertainment ever since the acquisition of the Cotai site in 2001 on what was once just water and causeway," said Peter Lam, co-chairman of Macao Studio City and chairman of Lai Sun Group. Designed by Las Vegas-based designer Paul Steelman, the Studio Retail complex is expected to have a floor area of approximately 557,000 square meters. Macao Studio City, meanwhile, will house a 2,300 seat theatre, a 4,700 person capacity exhibition center, television and film production facilities and 130,000 square meters of retail space.
(China Daily 01/11/2007 page4) |
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