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Way to go Steve Wynn!
Source : infolink.com.auAustrade reveals opportunities in Hong Kong
Austrade is calling on building-technology, electrical and security companies to exhibit at Asian Building Technologies, Elenex, and Securitex 2006, the premier trade fair for Hong Kong, Macau and southern China, from 7-11 June 2006.
Austrade’s Hong Kong-based Trade Commissioner, Mark Wood, says the vast array of construction projects in Hong Kong offers a multitude of opportunities to Australian suppliers.
Wood cites the development of 5000 new residential units annually, construction of three whole new cities which will house 1 million people to be completed by 2011, and plans for 35 hotels with 14,900 rooms to be built over the next five years. On nearby Macau, extensive tourism and leisure developments are driving demand with casino rights holders committed to spend A$10.6 billion over the next five years.
In 2004 alone, 397 companies exhibited at the three Asian Elenex fairs in Hong Kong. A total of 12,457 trade and industry visitors from 45 countries attended, making it one of the most successful for companies looking to supply to the numerous infrastructure developments in Hong Kong, Macau and southern China.
Austrade says the Hong Kong market is far larger than Australia’s, and stands as Australia’s 9th largest building-product export destination, buying A$293m of Australian product in 2004-05.
Austrade has a program of annual events that introduce Australian companies to the construction market in Hong Kong, Macau and southern China. As an example, it provides a case study of an Australian company that has benefited from an introduction into the Hong Kong market.
Hong Kong has been a boon for Sydney-based L&A Fazzini (LAF) Group, supplier of specialist fire protection and noise abatement products, providing them with over $2m worth of contracts in the past three years. LAF fire resistance now protects the new state-of-the-art International Exhibition Centre at Hong Kong International airport, while their noise abatement measures are in use at two of the busiest train stations, Wu Kai Sha and Lok Ma Chau.
Lorenzo Fazzini, managing director of LAF Group, describes Hong Kong as a market that Australian companies cannot afford to overlook, simply because of the amount of construction on the books. “In two recent contracts, LAF was able to more than cover the value of annual Australian business,” he said.
Heh, it's a shorter, stubbier version of our tower. I'd put my money on Wynn being a better place than MGM Grand and Sands/Venetian when it's all open.Originally Posted by HongKongDisneyland
Wynn Resort Macau (Phase 1, 2)
open in 2H of 2006
Last edited by MickeyMania; 03-16-2006 at 02:46 PM.
I don't know if they will get all of it done, and most of the driving in Macau is the Vegas companies trying to get their foot in the door. Wynn is the only one who was actually granted a piece of land. MGM and Sands are paying some other businessman for use of the land. Wynn just sold use of some of his land to an Australian company for nearly the same price as it cost to construct Wynn Macau, so they'll be making instant profit.
This is not going to "beat Orlando" because Orlando is a family destination. Macau is considered to be a bit of a seedy underbelly, with prostitutes and questionable massage parlors and casinos. It is men get away from their family and kids for their own vacation. The only thing going for family tourists is Fisherman's Wharf right next to the ferry terminal to Hong Kong. The rides are few and far-between and one of them managed to cause injury to a rider in it's first week of operation.
With their expansion plans underway, HKDL has nothing to fear here, let alone something like Orlando.
115 retailers in Venetian deal
Las Vegas Sands has reached preliminary agreement with retailers to fill a third of the shop space in its Venetian Macau and Four Seasons Hotel Macau resorts that are under construction.
Source: HK Standard NewsThe company said 115 retailers have signed on to operate stores in the Venetian's Grand Canal Shoppes, which when it opens next year will match Macau Fisherman's Wharf as the Macau's largest shopping center, at one million square feet.
In addition, US-based Las Vegas Sands, which operates Sands Macau casino, said last month DFS Group would open top-end fashion and watch shops in the Mall at Four Seasons, which is also slated to open next year.
The company said it had doubled the size of the Mall at Four Seasons to 190,000 sq ft.
Overall, Las Vegas Sands said commitments for the two malls total 400,000 sq ft, or about a third of the available area.
Stephen Weaver, who is heading up the leasing effort, said the Venetian tenants agreed on average to pay US$145 (HK$1,131) per sq ft a year in base rent, though some are paying as much as US$400 psf.
Speaking of the first 85 retailers, president and chief operating officer William Weidner said in February that they had agreed to split 12 percent to 18 percent of store sales with the company.
Tuesday's announcement did not cite specific retailers but Weidner previously identified Montblanc, Dunhill, Franck Muller, Roger Dubuis and Mikimoto as participants.
Las Vegas Sands' early results appear to show the company reaching its goal of matching leading Hong Kong malls; its figures show base rents at Festival Walk as US$125 and at Pacific Place as US$170.
The figures would put the Grand Canal Shoppes Macau ahead of its counterpart at the Venetian Resort in Las Vegas, where rents average US$110 psf. The Sands sold that 440,000-sq-ft mall for US$766 million in 2004. The company intends to eventually sell its Macau malls too to help recover the more than US$5 billion it is investing in the resorts. Including the Venetian and Four Seasons, the seven resorts in the first phase of Las Vegas Sands' Cotai Strip development in Macau are to feature about three million sq ft of retail space.
World's Largest Travel Retailer Sets Sights on Cotai Strip
Source : Press ReleaseLAS VEGAS, March 8 /PRNewswire/ -- Las Vegas Sands Corp. (NYSE: LVS) and DFS Group Limited announced today that the two companies have reached an agreement that will see DFS lease significant retail space in the Mall at Four Seasons Hotel Macao on the Cotai Strip(TM) in the People's Republic of China Special Administrative Region of Macao. The parties have signed a Memorandum of Agreement and expect to enter into binding definitive agreements before the end of the second quarter of 2006.
DFS is presenting a group of luxury retailers in the Mall at Four Seasons Hotel Macao which will feature individual stores by the most prestigious brands including Fendi, Gucci, Hermes, Dior, Prada, Burberry, Ferragamo, Cartier, Ermenegildo Zegna, Tods, Dunhill, Chaumet, Celine, Bvlgari, Chopard, Omega, Tag Heuer and many more.
"As a world-renowned retailer, DFS understands the magnitude of the development in Macao and will play a key role in helping us transform the Cotai Strip(TM) into Asia's Las Vegas(TM)," said Sheldon G. Adelson, chairman and chief executive officer of Las Vegas Sands Corp. "The development of the Cotai Strip continues as we add preeminent names in lodging, shopping, dining and entertainment."
The new DFS retail project will reflect the company's continuing commitment to refining luxury presentations enhancing the customer experience with superb architecture and interior design and service features including an elegant cafe and bar.
The Four Seasons Hotel Macao, which is being developed by Las Vegas Sands Corp., is expected to feature 400 luxurious hotel rooms; up to 600 Four Seasons-serviced vacation suites; distinctive dining experiences; full service spas, each featuring a wide array of amenities; elegant and versatile meeting space and a spacious pool bar and grill.
The adjoining Grand Canal Shoppes in The Venetian Macao is expected to feature one million square feet of retail mall space and, similar to The Venetian in Las Vegas, will combine the beauty of Venetian landmarks, arched bridges, and serenading gondoliers with a renowned mix of exclusive shops, restaurants, and cafes. The Venetian Macao, scheduled to open in early 2007, will occupy 10.5 million square feet of space and serve as the anchor of the Cotai Strip(TM). At completion, the luxury resort will feature 3,000 suites, one million square feet of meeting and exhibition space, a 2,000 seat showroom, and a 15,000 seat arena.
HKDL, thank you for the correction. I'll update my post to reflect.
Source : HK Gov News
Cultural district proposals ready by year's end
Open mind: Chief Secretary for Administration Rafael Hui says the Government has an open mind on the West Kowloon Cultural District's financing options.
Chief Secretary for Administration Rafael Hui hopes proposals on the setting up of a West Kowloon Cultural District authority and its finances will be tabled at the Legislative Council by the end of this year.
The proposals cover the timing for the authority's establishment, its composition, powers, functions and responsibilities.
Mr Hui said the first meeting of the Consultative Committee on the West Kowloon Cultural District Core Arts & Cultural Facilities went well today.
"What is most gratifying and rewarding for me is that a lot of valuable views have been expressed on the concepts, on the principles, and on all the other complementary issues that we need to address. So it was not just the hardware. We spent more time on software, on policy, on values, and on participation by the community, and that to me is the most valuable part of the meeting," he said.
The committee also decided the general work plan for the next six months. Two specialist groups, one on performance facilities and tourism and the other on museums, will start their first meetings next week.
"These two advisory groups will hold public forums, probably in May - a number of public forums - so that there will be further opportunity for members of the public and for those who are practitioners in performing arts and exhibitions and in culture to put forward their views."
On the project's financing, Mr Hui said the Government has an open mind, adding there will be different options open for discussion and consultation with lawmakers and the community.
WKCD Video 1 (Executive Version)
WKCD Video 2 (Cultural Facilities Version)
Notes: The "Canopy" is Not a Compulsory item in the project now
Last edited by HongKongDisneyland; 04-21-2006 at 04:50 AM.
Upcoming Projects in Macau
Shun Tak + HongKongLand - joint project
HONGKONG LAND AND SHUN TAK TO DEVELOP A MIXED-USE PROJECT
ON THE MACAU WATERFRONT
30th September 2005 – Hongkong Land Holdings Limited (‘Hongkong Land’) today
announced that it will form a joint venture with Shun Tak Holdings Limited (‘Shun
Tak’) to develop a mixed residential, hotel and retail project on a prime 200,000 sq. ft
site in Macau. The project site is in the heart of the city in an area destined to become
the focal point of Macau’s new casino district. The site is adjacent to the MGM Grand
Macau project currently under construction.
The joint venture marks Hongkong Land’s first entry into the rapidly growing Macau
property market. A gross floor area of some 1.9 million sq. ft will be for residential and
serviced apartments that will enjoy views towards Nam Van Lake, the Macau Tower and
the harbour. The development will also include a 380,000 sq. ft retail arcade and a
210-room hotel that will be managed by the Mandarin Oriental Hotel Group.
SDJM - Oceanus
Shun Tak + SDJM - joint project in Cotai Strip
Starwood + Las Vegas Sands - several hotels
Mandarin Oriental - hotel near MGM Macau
MGM - second casino in Cotai Strip
Wynn - 3 hotels in Cotai including a residential development called The Taiwanese Guest House
Source: Press release from HKLand etc....
Simply amazing. Hong Kong is already a city with so much to do. The architecture is dazzling. What I really appreciate in all of this new construction is the aesthetic drama. This is a very forward thinking expansion plan for both Hong Kong and Macau. Disney would be silly not to build out their second park and an entertainment district as quickly as they can.
The concept art for the aquarium in HK looks stunning. I like to stop in Hong Kong on my long haul flights to India. Next time around I'll check in on some of this construction.
Thank you for all the great information. Keep us up to date as some of these projects actually start to get built (or complete).
The Hello Kitty Land photo is post number 1 is from Universal Studios Japan's Harmony Parade. Found that kind of interesting to be thrown inthere.
I agree but they need to expand HKDL first before they take on another adventure.
The Hello Kitty Land project in Macau is rumored to be cancelled. Reason: the developers don't have the license to operate the casino which they would like to build inside the theme park. (of course the pic was borrowed somewhere since they don't have that theme park in macau)
eSun's Cotai project to cost US$2b
Lai Sun Group unit eSun Holdings and its American partners put the price tag on their planned hotel-casino-retail-TV studio complex in Macau at US$2 billion (HK$15.6 billion) assuming their request to almost double its floor space wins government approval.
Source : HK Standard News
Lai Sun Group unit eSun Holdings and its American partners put the price tag on their planned hotel-casino-retail-TV studio complex in Macau at US$2 billion (HK$15.6 billion) assuming their request to almost double its floor space wins government approval.
eSun executive director Ambrose Cheung Wing-sum estimated construction will cost up to HK$9.36 billion, or HK$1,500 per square foot. The 1.52 million-square-foot site in the Cotai reclamation area is valued at about HK$4.68 billion.
eSun and its US partners will each contribute HK$780 million as working capital. eSun said additional funds for the project could come from international capital markets or an initial public stock offering.
The partners hope to increase the size of the project to 6.6 million sqft, up from the 3.66 million sqft in the existing approved building plan.
eSun, which produces films and television shows, is to receive HK$1.32 billion from selling a 40 percent stake of the Cotai project to its partners, US- based hedge fund Silver Point Capital and former Las Vegas Sands executive David Friedman. The payment could rise to HK$2.97 billion depending on whether the expansion plan is approved and other conditions.
The project will feature two five-star hotels and hotel apartments along with a television/film studio, a concert hall, convention and exhibition facilities and a retail complex.
The deal gives the US partners the option of leasing 200,000 to 500,000 sqft for gaming or other entertainment at minimum rent of US$25 million a year. Friedman said the casino will have about 300 tables. Analyst Karen Tang of Deutsche Bank said the partners are in talks with existing Macau gaming operators.
Friedman said sections of the project will begin opening in early 2009 and be fully complete by early 2011.
Silver Point, which has about US$5 billion under management, focuses primarily on distressed debt. Until December, Friedman headed up the US$1.8 billion Cosmopolitan mixed-use project, similar to the Cotai venture, in Las Vegas.
Shares of eSun fell 10.4 percent Monday to HK$6 after initially surging to a 52-week high of HK$7.30 when morning trading began. Shares of eSun parent Lai Sun Development, which owns the Ritz Carlton Hong Kong and other hotels, jumped 7.8 percent to 41.5 HK cents after it said it expects to book a gain of HK$440.6 million from the Cotai deal.
Disney's property and offerings seemed so relaxed and low-scale to some of these projects. Their Hong Kong resort takes on more and more of a more romantic, laid back vacation spot than some of these expensive and massive projects planned for the cities. Disney sits out there on their little island with their Hollywood and Victorian themed hotels with a large Mickey fountain while these builders build these massive hotels and entertainment centers that challenge gravity.
That is one thing I like about HKDL though. The pictures and video of everything make it look so peaceful and relaxing compared to the hustle and bustle of Hong Kong. I would love to visit there in a few years and curl up in a room overlooking the bay and watch as the busy city moves at a frantic pace even into the night as I curl up in my Disney bed and fall asleep to the sound of the pleasant background music playing below me in the gardens...[smilie=1,30,2]
Last edited by DisneyMickey; 04-24-2006 at 10:27 PM.
A Hello Kitty theme park in Macau would likely fail anyway, again, because Macau is more of a getaway for Asian businessmen.
If Disney can ride the coattails of this development boom and grow their HK presence to near Orlando-like proportions, then good for them. But if they do build a new WDW there, it will be simply adjacent, and not complimentary, to a den of vice even more family-unfriendly than Vegas.
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