A resort-style development in Macau previously owned by Genting Hong Kong and once planned to house a casino will instead launch as a five-star hotel and shopping precinct in December.
Treasure Island Hotel Macau, located alongside Nam Van Lake, will feature 600 hotel rooms and a variety of major retail brands according to Forward Fashion (International) Holdings Company Limited, one of two companies tasked with bringing the development to life.
At a signing ceremony held Monday alongside JLL Macau, which is in charge of leasing and marketing the property, Forward Fashion revealed the project will include a five-storey shopping mall, an outdoor swimming pool and hot spring, a fitness room, a playground, restaurants, a cinema, an outdoor running trail and art themed park, plus other amenities.
Among the brands to be featured within the mall are French premium department store Galeries Lafayette, UFC Gym, trendy toy store POP MART, sports apparel giant Under Armour, game center Beebeeland and burger brand Five Guys.
There are no longer plans to incorporate gaming into the project.
“Treasure Island Hotel Macau will serve as benchmark for a new era in Macau,” said Forward Fashion Chairman and Executive Director, Patrick Fan.
“We are excited to introduce top international brands to the hotel, which will demonstrate our advantages in international branded fashion retailing and our success in business diversification, and thus further strengthen our internal business ecosystem.
“The cooperative arrangement will not only create greater room for development and more market opportunities for both parties but will also play an important role in fostering development of Macau’s tourism and retail industries.”
Genting Hong Kong last year announced the sale of 50% of its stake in Genting Macau, which in turn had owned 75% of Treasure Island Entertainment Co Ltd – the firm that was initially developing the hotel it had dubbed Resorts World @ Macau. It is unclear where Genting Hong Kong, which was recently appointed provisional liquidators, currently stands in regard to the remaining 50% interest in Genting Macau although it had outlined plans to sell the entirety.
Ao Mio Leong, founder and representative of development firm Yoho Group, was the purchaser of the initial 50% stake for HK$750 million (US$96 million).
Genting HK subsidiary Star Cruises originally purchased the company’s 75% stake in Treasure Island Entertainment Co Ltd in 2007 for HK$1.46 billion (US$188.3 million).
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