Work on expansion of facilities at Macau casino resort complex Ponte 16 (pictured) is likely to start in the “first half of 2025”, said an executive for one of the property’s backers, in response to an enquiry from GGRAsia.
“We anticipate to start construction in the first half of 2025 and complete within two years,” stated Hoffman Ma Ho Man, deputy chairman of Hong Kong-listed Success Universe Group Ltd.
He added: “Our budget cost hasn’t been concluded at the moment as we are conducting fine tuning” on the project.
Success Universe is a partner in Ponte 16 – a waterfront property in Macau’s Inner Harbour district – alongside a unit of Macau casino operator SJM Holdings Ltd. The gaming venue at the complex is considered a “satellite” operation of SJM Holdings.
On Wednesday, the local government publicly-announced approval for the long-anticipated expansion of non-gaming facilities at Ponte 16, as well as a renewed and amended public land concession for the property. Permitted facilities mentioned in the announcement included a “commercial building”, a “plaza” and what was termed a “vessel” named “Macau Palace”.
The commercial building is to be developed as a mall, Mr Ma confirmed GGRAsia.
“Macau Palace” was the name of a floating casino formerly run by the legacy business of SJM Holdings. In December 2022, shortly after SJM Holdings received a new 10-year gaming concession, the company mentioned the Macau Palace structure would be converted to accommodate shops, food and drink outlets and a museum-type facility, as part of the casino firm’s spending pledge on non-gaming and urban revitalisation.
The terms of the Ponte 16 land concession allow for 36 months from the date of the land-rights gazetting, for completion of the additional facilities.
(Updated Nov 7, 2:58pm)
