• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

No plan to invest further in Hengqin mall: Macau Legend

Mar 11, 2019 Newsdesk Latest News, Macau, Top of the deck  


No plan to invest further in Hengqin mall: Macau Legend

Hong Kong-listed Macau Legend Development Ltd says it has “no plans at the moment” to invest further in a shopping complex on Hengqin island (pictured), an area in mainland China next to Macau’s Cotai district. The comments were made by a spokesperson in an emailed reply to GGRAsia.

The Hengqin shopping complex, branded as“勵駿龐都廣場PONTO”, is due to open in the final quarter of this year, according to several Macau’s Chinese-language media reports.

In a February 27 filing, Macau Legend – known as an operator of casino venues in Macau and Laos – said that it had reached a deal to buy a 21.5 percent stake in the company developing the shopping complex project. The deal involves a total consideration of HKD84.5 million (US$10.8 million), including the acquisition by Macau Legend of loans totalling more than HKD20.9 million, according to the filing.

PONTO, with a total construction area spanning about 140,000 square metres (1.5 million square feet), is described by Macau Legend as a project that has an investment value exceeding CNY1.6 billion (US$239.5 million). The shopping complex will feature more than 300 shops. The PONTO project is majority controlled by Macau Legend co-chairman and chief executive David Chow Kam Fai. Mr Chow is also the largest shareholder of Macau Legend, controlling a stake of about 34.46 percent in the firm, as per the firm’s shareholding disclosure record, updated in the Hong Kong bourse as of January 17.

“PONTO is located at the most prime location at Hengqin, which is an important focus in the Guangdong-Hong Kong-Macau Greater Bay Area initiative promulgated by the [China’s] central government, and is an area where various central government policies are favourably channeled to ensure success,” the Macau Legend spokesperson told us.

The mainland Chinese authorities envisage Hengqin as a draw for tourists, with non-gaming attractions to complement Macau’s casinos and tourism highlights. A highway and bridge joins the island to Macau’s Cotai district. PONTO is located across the boundary crossing checkpoint of Hengqin, according to local media reports. An underground connection between the shopping complex to the checkpoint is being constructed; this connection work is expected to be finished by August this year, Chinese-language Macao Daily News reported citing Mr Chow.

“There are countless possibilities and opportunities for collaboration between PONTO and all Macau and international businesses,” said the Macau Legend spokesperson when asked if there was any potential branding or other commercial partnerships between the Hengqin project and the assets controlled by Macau Legend in Macau.

According to the firm’s February 27 filing, upon completion of the acquisition deal, Macau Legend and the owner firm of the PONTO project would enter into a management service agreement, pursuant to which a Macau Legend subsidiary would provide property management services to the shopping mall project. The deal – valid until the end of 2021 – involves the payment of a HKD65,000 management fee plus an annual performance bonus.

Macau Legend currently runs Babylon Casino and the Legend Palace Casino, both venues located in the Macau Fisherman’s Wharf complex, near the Outer Harbour Ferry Terminal on the Macau peninsula. The company also operates the Savan Legend Resorts Hotel and Entertainment Complex in Laos, a venue that has been undergoing a revamp.


  • tweet
Related articles
  • Quick fixes clinched in tourism master plan: Macau govt
    Quick fixes clinched in tourism master...

    Nov 27, 2019  

  • Macau visitor non-gaming spend down 17pct in 3Q
    Macau visitor non-gaming spend down...

    Nov 19, 2019  

More news
  • No face tech decreed re casino staff downtime ban: Macau
    No face tech decreed re casino staff...

    Dec 12, 2019  

  • Wynn Resorts to have Yokohama focus for Japan: CEO
    Wynn Resorts to have Yokohama focus for...

    Dec 12, 2019  


Latest News

No face tech decreed re casino staff downtime ban: Macau

No face tech decreed re casino staff downtime ban: Macau

Dec 12, 2019  

Macau’s gaming regulator says it has currently “no intention” to issue guidelines requesting casino operators to use facial recognition technology to assist in the enforcement of the...
Read More
Wynn Resorts to have Yokohama focus for Japan: CEO

Wynn Resorts to have Yokohama focus for Japan: CEO

Dec 12, 2019  

Interviews

  • Incheon seeks to expand casino cluster to counter Japan
    Incheon seeks to expand casino cluster to counter Japan

    Dec 11, 2019  

    The Incheon Free Economic Zone (IFEZ) Authority in South...
  • Suncity Manila casino not a threat: Travellers EVP
    Suncity Manila casino not a threat: Travellers EVP

    Dec 09, 2019  

    Macau junket brand Suncity’s move toward being a casino...
  • Nagasaki fully backs Sasebo IR location: vice governor
    Nagasaki fully backs Sasebo IR location: vice governor

    Nov 06, 2019  

    A senior official of Japan’s Nagasaki prefecture has...
  • NagaCorp open to new development opportunities: chairman
    NagaCorp open to new development opportunities: chairman

    Jul 15, 2019  

    Hong Kong-listed casino operator and developer NagaCorp Ltd...
  • Casino logistics provider TKHS aims for global footprint
    Casino logistics provider TKHS aims for global footprint

    Jul 12, 2019  

    Asia-based casino logistics provider TKHS Group has plans...

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


20,000

Total number of new jobs a resort cluster at Incheon could create, according to the Incheon Free Economic Zone Authority



Most Popular

  • Mark Brown quits Saipan casino op a second time: reportMark Brown quits Saipan casino op a second time: report December 11, 2019
  • 75pct of Resorts World Las Vegas rev to be non-gaming: exec75pct of Resorts World Las Vegas rev to be non-gaming: exec December 10, 2019
  • Macau’s Taipa to Cotai light rail to open on Dec 10Macau’s Taipa to Cotai light rail to open on Dec 10 December 6, 2019
  • David Kennedy leaving Scientific Games’ board: firmDavid Kennedy leaving Scientific Games’ board: firm December 9, 2019
  • Suncity Manila casino not a threat: Travellers EVPSuncity Manila casino not a threat: Travellers EVP December 9, 2019
Copyright 2014-2019 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us