Chow says gov’t should consider more gaming concessions

David Chow

Macau businessman David Chow says that the government should consider granting another two gaming concessions for the benefit of Macau’s overall development.

The Macau Legend Development Limited held its Annual General Meeting at the Legend Palace Hotel yesterday.

On the sidelines of the meeting, David Chow expressed his opinion and also discussed other topics concerning the development of his company.

“We have the contract with SJM, if we don’t have the concession. [Or the concession open], and if I try to get one license, of course, for my individual private company, of course I am [going to] try to get our own license. If we don’t have it, we still have to continue the contract,” said Chow.

Yesterday, Chow noted that the money his company made from the recent sale of the Landmark building will be used for the development of the Fisherman’s Wharf.

“We have to put more money in the development. […] The valuation of the landmark does not mean anything. […] [We want to] tell the world that there is the value [of the Fisherman’s Wharf]. We try to concentrate on marketing and to put into the fisherman’s wharf,” said Chow, adding “in Macau, one location can’t have four casinos, it’s already enough.”

“If [the company] doesn’t sell the landmark to minimize the size and to put all effort in the fisherman’s wharf, all the money we get from the landmark we [will use for] the development in the fisherman’s wharf,” said Chow.

According to Chow, his company is still involved in the management of the Landmark. 

Chow noted that many investors are interested in Macau and have approached him about doing so.

“A lot of people are considering coming to Macau to invest […] because of the predicted conditions in Macau in the future. The traffic is perfect, the [Hong Kong-Zhuhai-Macau] bridge, the Greater Bay, and the airport is going to redevelop again. I think it’s good for Macau. […] We [Legend Development] are solid,” said Chow.

When addressing the hotel project at the Fisherman’s Wharf, Chow emphasized that his company is still waiting for the government’s approval.

Chow noted that he will not reveal the project’s development cost at the current stage since the government has not yet issued approval.

“I get enough money to invest. Five billion US dollars, if the government wants,” Chow said, who also stated that he is considering various projects in Portugal as well, which will be determined by what the country wants and needs the most.

Earlier, in February, Chow announced that he had applied to start a new banking institution in Cape Verde.

Chow disclosed he has already submitted the application to the Cape Verde government.

Within three months, Chow’s company will announce updates regarding a project in Cambodia.