Ponte 16 phase 3 construction to kick off this year

Ponte 16 phase 3 construction to kick off this year

The expansion includes a new shopping mall and relocation of the floating casino.

Macau.- Success Universe Group, the investor and operator of the Ponte 16 property, has announced plans for the third phase of the venue, with an estimated investment of HK$500m (US$64m). The expansion includes a shopping mall and is expected to kick off later this year.

According to reports from Hong Kong news outlet SingTao News, Hoffman Ma Ho Man, the executive director and deputy chairman of Success Universe Group, said the construction plan for the third phase project has been submitted to the government for approval.

Success Universe Group holds a 49 per cent interest in Pier 16 – Property Development, with the remainder owned by SJM Holdings, the owner of Macau Palace. The plan includes relocating the floating casino next to Ponte 16, with the intention of incorporating new elements such as bars.

The company plans to use the existing open-air plaza at Ponte 16 and the upcoming shopping mall to develop a night market, drawing inspiration from Singapore’s Clarke Quay.

Ma said that during the Chinese New Year Golden Week, hotel occupancy reached 90 to 100 per cent, indicating a recovery to 80 per cent of the 2019 level. Ma expressed optimism about Macau gaming revenue for 2024, expecting it to surpass the government’s target of MOP216bn. However, he said a full recovery to the 2019 level might take several more years due to the sluggish recovery of the VIP sector.

See also: Macau chief executive maintains 2024 GGR target

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