The Deputy Chairman of Macau’s Ponte 16 casino-resort has told Inside Asian Gaming he expects to receive government approvals to proceed with a HK$500 million expansion and upgrade of the property “very soon”.
Speaking at the Macau After Dark event held at Sofitel at Ponte 16 on Tuesday night, Dr Hoffman Ma said the company was keen to get moving on the project, which is to include the development of a new shopping mall and enhancements to existing facilities.
It will also see the creation of a night market and potentially the renovation and relocation of Macau’s decommissioned floating casino alongside Ponte 16, likely as a bar or other non-gaming attraction.
“The most important upcoming plan will be the construction site we have next door [for the mall], Dr Ma said. “We have made our submission to the government and I believe they will be confirming issuing the permit very soon so that we can get moving.
“That will be the first thing that we will put in the pipeline and then we will upgrade facilities of the existing property.”
Asked about the timeline for development, Dr Ma explained, “Some of the things will happen within this year, the easier tasks, because as a property in this neighborhood, we always want to bring vibes to our neighbours and make this neighborhood more lively.
“For the construction work to complete I believe it’s going to be done within the next three years.”
Success Universe has previously stated that total investment is expected to be between HK$500 million and HK$600 million (US$64 million and US$77 million), to be financed by way of bank loans.
Ponte 16 is operated by an entity called Pier 16 – Property Development of which Success Universe holds a 49% stake and Macau concessionaire SJM resorts S.A. the remaining 51%. The property’s casino is run under SJM’s gaming concession.
In an interview with Inside Asian Gaming conducted last year, Ma described the new shopping mall development as “a bit more like a contained area where the new design would create a waterfront entertainment-oriented complex.
“The customers could enjoy the waterfront and the outdoors a bit more and we would kind of lift the image of this waterfront environment with the new design.”
Asked this week about the company’s prospects in 2024 given Macau’s resurgence since reopening, Dr Ma told IAG, “I think the trend is going to [continue], an ongoing upward trend, and I think the momentum is going to carry forward to bigger growth, especially towards the second half of the year.
“One of the reasons is that the US dollar seems likely to be coming down and that’s going to make a lot of other currencies relatively stronger – the Hong Kong dollar and the Macau currency – which will create more demand for the tourism industry.”
