Emperor Entertainment Hotel Ltd has bought a portfolio of three properties in Hong Kong for US$260m.
Hong Kong.- Emperor Entertainment Hotel Ltd has bought one of Emperor International Holdings’ hotels and two service apartment buildings in Hong Kong for US$260m.
The operator of the Macau casino venue the Grand Emperor Hotel hopes to expand the group’s property development and hospitality operations beyond Macau.
The purchase includes The Emperor Hotel, a 29-storey hotel; Unit Serviced Apartments, a 21-storey composite building with 68 serviced apartments, and the MORI MORI Serviced Apartments, a 12-storey composite building with 18 serviced apartments.
Emperor’s parent company, Emperor International Holdings, stated that it plans to use the net proceeds from the transaction for property investments and property construction projects.
Emperor Entertainment Hotel Limited focuses on hotel, gaming and catering with the Grand Emperor Hotel and Inn Hotel Macau. Emperor International will focus on property investment and property development.
The Grand Emperor Hotel in Macau has 67 mass-market tables, capacity for 180 slot machine seats, and a self-managed VIP gaming room with 10 tables. The firm also operates the non-gaming IHM hotel on Macau’s Taipa Island.
Hong Kong gambling laws
Hong Kong has strict gambling laws. The Hong Kong Jockey Club is the only legal gambling entity. Casinos and other foreign operators are not authorised to offer gambling services to Hong Kong residents.