David Chow
Macau Legend Development CEO, David Chow, urged the government to open up the market by allowing more gaming concessionaires to operate in Macau.
On the sidelines of the inauguration ceremony of the Harbourview Hotel at Fisherman’s Wharf, Mr Chow stressed, “When the government is reviewing the renewal of casino concessions, it should encourage the development of local businesses and allow companies that have contributed to the development of Macau, such as those operating satellite casinos, to receive a gaming license,” he stated, as quoted by Chinese TDM.
Mr Chow pointed out that the mass market and VIP room businesses within these satellite casinos must pay three to five percent of their revenue to the gaming concessionaire under which they operate. “So, if they get a license, it would help develop and foster fair competition,” he acknowledged.
The billionaire hinted that Macau Legend, which operates casino venues under SJM Holdings Ltd., would meet the necessary requirements to become a gaming concessionaire if the government decided to open the market to other operators. The current gaming concessions (three gaming concessionaires and three sub-concessions) are set to expire in 2020.
Macau Legend’s CEO believes that it is an unfair situation when local businesses operating under other gaming concessionaires must pay part of their casino profit to the main operator. “The central government and the Macau government have to understand (…) if these people [companies] have a chance, why not [grant them a concession]? I think everybody should get the chance to negotiate. Why do we have to pay profit?” he asked, as quoted by TDM’s Portuguese channel.
Macau Legend Development inaugurated the first venue as part of the Fisherman’s Wharf redevelopment project yesterday. The Harbourview Hotel is now officially up and running offering 389 rooms and 55 suites.
Its design is inspired by 18th century Prague, according to a press release. With 68,300 square meters of space, the four-star hotel is located near the Babylon and Flaming casinos, which are now connected via footbridges. The facilities also include a bar, multiple restaurants, a gym, an indoor swimming pool, and retail stores situated on the ground level. In addition, Chow Tai Fook Jewelry, Godiva Chocolatier and Tung Fong Hung (traditional Chinese medicine products) have also opened stores there.
With the opening of Harbourview Hotel, Macau Legend is able to expand its gaming offering, as it was granted 35 additional gaming tables by the Gaming Inspection and Coordination Bureau in October last year.
Hans-Peter Betz, general manager of the hotel, told reporters that the opening of the venue “means great business for the Fisherman’s Wharf.” He reiterated that the company is stepping up its efforts to diversify its offering, as it plans to build two more hotels, a shopping arcade, and other entertainment venues. “I would say we are a very good competitor to casinos in Taipa,” he added.
Mr David Chow revealed that the company is confident it will receive permission from the Land, Public Works and Transport Bureau (DSSOPT) to start the construction of a new hotel at Fisherman’s Wharf soon. He’s predicting that it will be ready between March and June next year.
“Both the central government and the MSAR government have stressed the importance that Macau should promote the diversification of its economy and accelerate the development of leisure tourism, convention and exhibition businesses. Harbourview Hotel and the Macau Fisherman’s Wharf redevelopment project are positive contributions toward this [goal],” he expressed in a press release.
Macau Legend already owns and operates two hotels, the Landmark Macau and Rocks Hotel. In the pipeline are two premium five-star hotels, the Legend Palace Hotel and the Legendale Hotel, with their completion forecasted for 2016 and 2017 respectively. CP/JPL
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