The expansion includes a new shopping mall and relocation of the floating casino.<\/p>\n\n\n\n\n\n\n\n
Macau.-\u00a0Success Universe Group<\/strong>, the investor and operator of\u00a0the Ponte 16<\/strong>\u00a0property, 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.<\/p>\n\n\n\n According to reports from Hong Kong news outlet SingTao News,\u00a0Hoffman Ma Ho Man<\/strong>, 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.<\/p>\n\n\n\n Success Universe Group holds a 49 per cent interest in Pier 16 \u2013 Property Development, with the remainder owned by SJM Holdings, the owner of Macau Palace. The plan includes\u00a0relocating the floating casino next to Ponte 16<\/strong>, with the intention of incorporating new elements such as bars.<\/p>\n\n\n\n The company plans to\u00a0use the existing open-air plaza at Ponte 16\u00a0<\/strong>and the upcoming shopping mall to develop a night market, drawing inspiration from Singapore\u2019s Clarke Quay.<\/p>\n\n\n\n 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\u00a0optimism about Macau gaming revenue for 2024<\/strong>, 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.<\/p>\n\n\n\n