Tuesday, Dec 02, 2008
HONG KONG (Dow Jones)--Shun Tak Holdings Ltd. (0242.HK) plans to develop a luxury hotel in the Cotai area of Macau that will be managed by Dubai-based Jumeirah Group, Shun Tak Managing Director Pansy Ho said Tuesday.
Shun Tak's proposal comes after two other casino operators, Las Vegas Sands Corp. and Galaxy Entertainment Group Ltd., shelved projects in the Chinese enclave because of adverse market conditions arising from the global economic downturn and visa restrictions recently introduced by the Chinese government.
Ho said Shun Tak's project, the Jumeirah Macau Hotel, is scheduled for completion in 2013. She declined to comment on whether the hotel will accommodate a casino. She also declined to give an estimate of the size of the investment as the project is still subject to approval by the Macau government.
"For the next few years to come, I can see Macau growing in a lot of ways, especially in terms of the infrastructure," Ho said.
The other casino operators in Macau are SJM Holdings Ltd., Wynn Resorts Ltd., Melco PBL Entertainment (Macau) Ltd., and MGM Grand Paradise SA.
-By Jackie Cheung, Dow Jones Newswires; 852-2802-7002; jackie.cheung@dowjones.com
(END) Dow Jones Newswires
02-12-08 0612GMT
