As the saying goes, nothing succeeds like success and Macau is the perfect example. A little more than a decade ago, the former Portuguese colony that was returned to China’s control but operated with an independent government, expanded its gambling laws.
What resulted was the establishment of the world’s largest gaming mecca with more than $38 billion in revenue recorded by the small enclave’s casinos. Primarily because it is the only place with legal gambling in China.
That is the kind of success that attracts big money investments. As it stands, each of the current license holders is working on a new facility or an expansion in the city’s Cotai area. Some of the properties are already under construction, with completion expected within the next three years while others are still in the planning stages.
Among the latter is a project planned by SJM Holdings, the gaming company founded by mogul Stanley Ho.
Now, the SJM casino will have an infusion of money from an unexpected partner, Italian fashion house Versace.
The two companies announced last week that they will build a five-star Palazzo Versace Hotel as part of the SJM Cotai Strip development. Few details were released and no estimate of cost was given.
For Versace, the deal gives it access to those Chinese visitors who have a penchant for luxury European brands. Having a famous label will help SJM as it battles to keep up with rivals who have a head start on expanding in Cotai.
Ray Poirier is the longtime executive editor at GamingToday.
Contact Ray at [email protected].