GGRAsia – Ponte 16 new phase cost minimum US$64mln: Hoffman Ma

Ponte 16 new phase cost minimum US$64mln: Hoffman Ma

Feb 21, 2024 Newsdesk Latest News, Macau, Top of the deck

A long-anticipated extension to Ponte 16, a casino-hotel complex (pictured) overlooking Macau’s Inner Harbour, is likely to involve investment of “HKD500 million [US$63.9 million] to HKD600 million”, reported Hong Kong-based Chinese-language newspaper Ming Pao, citing Hoffman Ma Ho Man.

Mr Ma is deputy chairman of Hong Kong-listed Success Universe Group Ltd, an investor in Ponte 16. The Ponte 16 extension project, referred to by the company as “Phase 3”, would include a shopping mall and an open-air “plaza”, Mr Ma had mentioned to GGRAsia last year.

Macau casino concessionaire SJM Holdings Ltd supplies the gaming licence for Ponte 16, and also controls an effective 51 percent interest in Pier 16 – Property Development Ltd, the entity that operates the Ponte 16 complex. The remaining 49-percent is controlled by Success Universe.

Speaking at a Hong Kong media gathering on Tuesday, Mr Ma said the Ponte 16 Phase 3 plan had been submitted to the Macau government for approval.

Success Universe had also budgeted “over HKD100 million” to revamp the property’s hotel, Sofitel Macau, reported Ming Pao, attributing the commentary to Mr Ma.

Money generated from operations at Ponte 16 should be enough to finance the outlined projects, the media outlet also said, citing the Ponte 16 boss.

In June last year, Success Universe stated it would act as a 49-percent guarantor for an amended and restated banking facility designed to help the property’s promoter refinance its existing loan facilities, general working capital, and to finance the payment of a land premium and related costs.

At the time, Success Universe said that Pier 16 – Property Development was to sign an amended and restated facility agreement with Industrial and Commercial Bank of China (Macau) Ltd as the lender, in the aggregate amounts of HKD230 million and MOP273 million (US$34 million). The new maturity date was set at 24 months from the signing of the amended agreement.