{"id":13889,"date":"2021-01-28T20:51:12","date_gmt":"2021-01-28T20:51:12","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=13889"},"modified":"2026-04-23T22:17:20","modified_gmt":"2026-04-24T01:17:20","slug":"new-macau-resort-to-be-completed-by-2022","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/new-macau-resort-to-be-completed-by-2022","title":{"rendered":"New Macau resort to be completed by 2022"},"content":{"rendered":"\n

Genting Hong Kong has sold the Nam Vam Lake development to a local businesswoman from the real state sector.<\/p>\n\n\n\n\n\n\n\n

Macau.- The five-star hotel and casino<\/strong> resort being built in the Nam Vam Lake <\/strong>area in Macau will be finished by 2022.<\/strong><\/p>\n\n\n\n

Genting Hong Kong<\/strong> said that it has already sold its interests<\/strong> in the 8,100 square metre development near Praca Ferreira Amaral. It said the project is now being developed by a company owned by local real estate developer, Ao Mio Leong.<\/strong><\/p>\n\n\n\n

The operation completed at HK$750m (US$96.7m<\/strong>).<\/p>\n\n\n\n

Genting Hong Kong said: \u201cThe transaction is aligned with the group\u2019s objective to sell non-core assets and will reduce the group\u2019s financial burden in meeting future funding requirements in relation to Genting Macau\u2019s business.\u201d<\/p>\n\n\n\n

Genting is also looking to increase liquidity to boost its cruise ships business.<\/strong><\/p>\n\n\n\n

Nam Vam Lake hotel project<\/h2>\n\n\n\n

The gross development value of the Nam Vam Lake project is estimated at HK$4.6bn (US$593m<\/strong>). Some HK$1bn (US$129m) has been spent<\/strong> on the construction so far and some HK$2.7bn (US$348m) more is expected in expenses before its completion.<\/p>\n\n\n\n

Genting planned a 21-storey building <\/strong>for a five-star hotel <\/strong>with 708 rooms and a gross floor area of 70,284 square meters, plus a parking lot of 12,080 square meters and a free area measuring 5,581 square meters.<\/p>\n\n\n\n

In February 2020, construction was held up due to restrictions introduced because of the Covid-19 pandemic. Work gradually resumed under China Civil Engineering Construction<\/a><\/em><\/strong>.<\/p>\n\n\n\n

In a filing this week Genting said: \u201cSubject to obtaining relevant approval from the Macau Government, the latest target completion date <\/strong>was expected to be around mid-2022<\/strong>\u201d.<\/p>\n\n\n\n

Genting Macau sold its 50 per cent interest<\/a><\/em><\/strong> in the project.<\/p>\n\n\n\n

The remaining 25 per cent interest in Macau Land Investment is held by two companies in part held by local businessman Kwan Yan Chi and his brother Kwan Yan Ming.<\/p>\n","protected":false},"excerpt":{"rendered":"

Genting Hong Kong has sold the Nam Vam Lake development to a local businesswoman from the real state sector.<\/p>\n","protected":false},"author":2,"featured_media":13891,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Genting Hong Kong has divested its 50% interest in the Nam Vam Lake five-star hotel and casino resort development in Macau for HK$750m to a local real estate developer. This strategic asset sale aims to reduce the group's financial burden and enhance liquidity, particularly to support its core cruise ship operations. The project, with an estimated gross development value of HK$4.6bn, is now targeting a mid-2022 completion, pending Macau Government approval.","focusai_entities":"Genting Hong Kong, Ao Mio Leong, Genting Macau, China Civil Engineering Construction, Macau Land Investment, Kwan Yan Chi, Kwan Yan Ming","focusai_location":"Macau","focusai_target_profile":"ceo_executive (1.0), regulator (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Impact on Genting HK Debt?","query":"What is the projected impact of this divestment on Genting Hong Kong's debt-to-equity ratio and its capacity for future capital expenditure in its cruise division?"},{"label":"Macau Resort Strategy?","query":"How will the change in ownership affect the operational strategy and competitive positioning of the Nam Vam Lake resort within the Macau gaming vertical upon its projected mid-2022 completion?"}],"footnotes":""},"categories":[28,16338,158],"tags":[23716,23907,23906],"class_list":["post-13889","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casino-news","category-east-asia-news","category-slider-home","tag-genting-hong-kong","tag-land-based-casino","tag-macau-casinos"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13889","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=13889"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13889\/revisions"}],"predecessor-version":[{"id":13908,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13889\/revisions\/13908"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/13891"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=13889"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=13889"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=13889"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}