Genting arm proposes Hengqin theme park
Stephanie Lai | 07/01/2014 | in BUSINESS
Treasure Island Entertainment Complex says the project may cost up to 40 billion yuan
Treasure Island Entertainment Complex Ltd, a Macau company that says it is part of Genting Group’s Hong Kong operation, is proposing to build a theme park on Hengqin Island, company chairman Yany Kwan said yesterday.
Mr Kwan spoke to reporters after meeting members of a panel that assesses investment proposals by enterprises interested in doing business in the area of the island reserved for Macau companies.
“There will be different zones designed for the theme park,” Mr Kwan said. “The core zone, in our initial design, will be able to provide more than 20 types of amusement facilities to visitors.”
“The other areas will be open for the public to shop or dine.”
Mr Kwan said the theme park would need at least 0.5 square km of land.
“The project may require three phases of construction, with an investment of at least 30 billion yuan [39.6 billion patacas] to 40 billion yuan,” he said.
He said he could not predict how long the whole park would take to build. But the first phase, which would have a cinema, a performance venue and amusement facilities, should take 30 months, he said.
Mr Kwan said the first phase would cost about 15 billion yuan.
Treasure Island Entertainment Complex declined to say where the money would come from.
The company told Business Daily that it had yet to decide on a name in English for the theme park. But a literal translation of its name for the park in Chinese is “Resorts World Hengqin, China”.
Mr Kwan said he was unworried by the prospect of competition from the Chimelong International Ocean Resort on Hengqin or Ocean Park in Hong Kong.
The main elements of the Chimelong resort are due to open before the Lunar New Year at the end of this month.
“It’d be even better if we can have a group of different theme parks operating on the island or in our neighbouring region so that people have more choice,” Mr Kwan said.
“That would be like people can visit Disney World, Universal Studios and Six Flags in Orlando on their family trips.”