• 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
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Chow Tai Fook in talks to acquire Baha Mar casino resort

Oct 31, 2016 Newsdesk Latest News, Top of the deck, World  


Chow Tai Fook in talks to acquire Baha Mar casino resort

Hong Kong-based Chow Tai Fook Enterprises Ltd, an investor in casino resorts in Macau, Australia and Vietnam, says it is in talks to acquire Baha Mar (pictured in a rendering), a stalled casino resort project in the Caribbean archipelago of the Bahamas.

The company “has applied to the government of the Bahamas for approval as a proposed investor and acquirer of the Baha Mar Resort,” the firm said in a press release last week.

Chow Tai Fook Enterprises intends to acquire Perfect Luck Assets Ltd, “the company to which certain assets of the Baha Mar Resort have been transferred,” it added. Perfect Luck is the special purpose vehicle established by China Export-Import Bank, Baha Mar’s secured creditor.

“Chow Tai Fook Enterprises is looking forward to having Baha Mar join its portfolio of world-class integrated resort development projects,” said the company’s chairman, Henry Cheng Kar Shun, in a statement. “We are fully committed to this project and plan to hire as many Bahamians as possible to work at the property,” he added.

Henry Cheng is the son of Hong Kong billionaire Cheng Yu Tung, who died in late September. Privately-held Chow Tai Fook Enterprises’ businesses span hospitality, property development and retail, including retail chain Chow Tai Fook Jewellery, part of Hong Kong-listed Chow Tai Fook Jewellery Group Ltd.

Henry Cheng has been a non-executive director of Macau casino operator SJM Holdings Ltd since 2013, following his father’s retirement from the SJM Holdings board. Chow Tai Fook Enterprises acquired a controlling stake in a US$4-billion Vietnam casino project in September 2015. The scheme involves Macau junket investor Suncity Group and VinaCapital group, a major investment management and real estate development firm in Vietnam.

Chow Tai Fook Enterprises is also involved in the development of a casino resort in Brisbane, the capital of the Australian state of Queensland.

Investment, jobs

The Hong Kong company did not provide any financial details regarding its efforts to acquire Baha Mar, but said it would invest heavily ahead of the official deal completion through pre-opening activities and employment.

“Chow Tai Fook Enterprises is dedicated to the successful opening of Baha Mar and will work with the government to achieve the goal of a phased opening,” the firm said.

The original developer of Baha Mar – Baha Mar Ltd, led by businessman Sarkis Izmirlian – filed for Chapter 11 bankruptcy protection in a Delaware court in the U.S. on June 29, 2015 claiming it faced debts of US$2.7 billion. But the Commonwealth of the Bahamas Supreme Court rejected an application seeking approval for the recognition on the bankruptcy orders issued by a judge in the United States.

A company called BMD Holdings Ltd, led by Mr Izmirlian, issued a statement on Friday, offering comment regarding Chow Tai Fook Enterprises’ announcement.

BMD Holdings stated: “The fact is that a close reading of the Chow Tai Fook Enterprises press release makes clear that there is no deal between Chow Tai Fook Enterprises and CEXIM [China Export-Import Bank]/Perfect Luck. If indeed Chow Tai Fook Enterprises and CEXIM/Perfect Luck are in negotiations, then it can only serve the interests of the seller and the Bahamas to have a competitive process to achieve the best outcome. BMD stands fully prepared to engage with the seller to achieve such.”

Construction works to complete the Baha Mar casino resort have recently resumed, according to local media reports.

In its latest press release, Chow Tai Fook Enterprises said it is already in discussions with hotel brands previously involved in the Baha Mar project. The company also intends to bring its own subsidiary, Rosewood Hotel Group, as a luxury hotel operator at Baha Mar, it added.


  • tweet
Related articles
  • Casino op Genting Malaysia 1Q revenue up 176pct
    Casino op Genting Malaysia 1Q revenue...

    May 26, 2022  

  • Nagasaki assembly green lights prefecture IR plan
    Nagasaki assembly green lights...

    Apr 20, 2022  

More news
  • Coughlan to exit as Wynn Macau Ltd president in February
    Coughlan to exit as Wynn Macau Ltd...

    Jul 06, 2022  

  • Fitch downgrades Crown, signs off on rating casino firm
    Fitch downgrades Crown, signs off on...

    Jul 06, 2022  


Latest News

Coughlan to exit as Wynn Macau Ltd president in February

Coughlan to exit as Wynn Macau Ltd president in February

Jul 06, 2022  

Macau casino operator Wynn Macau Ltd said on Wednesday that its long-serving president, Ian Coughlan (pictured), would be leaving his role in February next year. Linda Chen will take over as...
Read More
Fitch downgrades Crown, signs off on rating casino firm

Fitch downgrades Crown, signs off on rating casino firm

Jul 06, 2022  

Macau could launch gaming tender within days: JP Morgan

Macau could launch gaming tender within days: JP Morgan

Jul 06, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”As the Macau gaming revenue structure is now leaning heavily towards the mass business … once the border fully reopens, the recovery from mass should drive the sector to bounce more swiftly”

Vitaly Umansky, Louis Li and Shirley Yang

Analysts at Sanford C. Bernstein



Most Popular

  • Four Seasons Macao shops paused on Covid casesFour Seasons Macao shops paused on Covid cases July 4, 2022
  • GKL sees June casino sales up 34pct sequentiallyGKL sees June casino sales up 34pct sequentially July 4, 2022
  • Macau’s Grand Lisboa cordoned amid 13-case Covid clusterMacau’s Grand Lisboa cordoned amid 13-case Covid… July 5, 2022
  • Macau publishes amendment to public tender regulationMacau publishes amendment to public tender regulation July 5, 2022
  • Macau ops all likely had negative 2Q EBITDA: JP MorganMacau ops all likely had negative 2Q EBITDA: JP Morgan July 4, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us