Grand Emperor sells ‘decorative’ gold bars for HK100 million

The 78 gold bars that Grand Emperor Hotel had displayed on the lobby floor have been removed and sold, the company announced.

According to the notice, the gold bars were sold for HKD99.7 million, which, given current gold prices, should represent a gain of HKD90.2 million.

In a Wednesday filing with the Hong Kong Stock Exchange (HKEX), Emperor Entertainment Hotel Ltd., the company that owns the hotel, said it would sell 79 kilograms of gold bars, previously installed in the hotel lobby as a “luxury feature,” to the Hong Kong subsidiary of Germany’s Heraeus Holding GmbH.

20 years after opening its doors, the hotel has lost most of its revenue base, particularly after the closure of the satellite casino on the premises last year.

The company also noted that several areas of the hotel, including the lobby, will be targeted for renovation and redesign.

Netizens have noticed the missing “bricks” since early this week and have questioned their disappearance on social media.

According to the company, the “bricks” were removed on Jan. 29 (last Friday).

The filing with the HKEX also notes that the “decorative items” are not aligned with the hotel unit’s new scope. In addition to generating some earnings from the sale, this will also save the company significant long-term insurance costs. RM