Macau is the largest gambling hub in the world and as such, it is prone to rapid turns of events, one of the recent ones involving Hong Kong-listed casino services firm Macau Legend Development Ltd. and its future plans for the development of its new location called Legendale Hotel which will be located at Macau Fisherman’s Wharf. As it became recently known the firm has decided to agree with the reduction of the height of the said project and at the moment the group is willing to give the green light to a 60-meters tall high-rise.
As it could be recalled the company had the intention to construct the waterfront location in the neighboring area of Sands Macao which is overseen by the casino developer Sands China Ltd. According to the initial plans of the company, one part of the future location had to receive a 50 percent increase in its height. The decision was considered by the government of Macau and as it was officially announced yesterday, Macau Legend will have to accept the final word of the authority which claims that the future project should not exceed the 60-meters mark. The announcement was made by Melinda Chan Mei Yi, president of Macau Fisherman’s Wharf International Investment Ltd.
With the help of the same proposal which wanted to see the 50-percent increase of the new project’s height and reach 90 meters above ground level, the firm wanted to make some changes regarding the floor area of the said building. The developing company wanted to increase the total gross floor area in order to provide more space for development and for introducing more offerings to its customers. For the time being the construction will have to be built according to its initial plan. As it was confirmed by Ms. Chan, Macau Legend Development is considering resubmitting to the authorities in the foreseeable future.
Reasoning behind the Authorities’ Decision
The main issue with the height of the future location is the neighboring Sands Macao and the fact that the proposed change will result in obscuring the view of the existing facility, as well as affect the overall skyline of the area. Meanwhile, the management of the gambling developer hopes that gambling could be introduced in the future development, as it will guarantee a steady flow of tourists and gross gambling revenue. The company itself is already overseeing the operation of two of their three planned facilities which are located in the Macau Fisherman’s Wharf.
As for the estimated cost of the two locations, they amount to some HKD4 billion (US$515 million) which have been invested in order to guarantee the high interest towards the facilities. Legend Palace Hotel also has a casino venue on offer which welcomed its first customers exactly one year ago. The future Legendale Hotel is expected to see the start of its construction soon and its management is willing to put the effort in obtaining a gaming license for the operation of a gambling venue as well.