Supplier News

China – Volcanoes burned out in Fisherman’s Wharf overhaul

By Phil - 6 August 2013

Macau Legend Development has confirmed it is redeveloping its Fisherman’s Wharf on Macau’s peninsula, replacing fake volcanoes and a Roman amphitheatre with an opera house and dinosaurs.

Despite only raising US$283m, less than half of what it wanted when it floated on the Hong Kong stock exchange in July, Macau Legend’s owner David Chow believes it is his property’s turn for some limelight in Macau. The property, located next door to the ferry terminal bringing Hong Kong visitors to Macau, opened in 2006 with its main revenue source being the amusement park. Now Mr. Chow wants to transform the park into a true resort.

“It is my time now,” he said, describing the park as a ‘gift to society.’

Previously Mr. Chow worked as a legislator for 13 years until 2009. His gaming experience prior to this saw him run VIP gambling clubs for operator Stanley Ho in the 1970s where he helped develop Macau’s VIP junket model. He believes his new resort will help diversify Macau mix. The licence is held via a service agreement with Mr. Ho’s SJM Holdings, an agreement that has seen the two operate Legend Club and Pharaoh’s Palace.

Manuel Neves, Head of Macau’s gaming commission, has pledged his support to the project in the form of gaming tables but did not specify a number. Mr. Chow is hoping for 500.

Mr.Chow said: “We have then taken the initiative to redevelop Macau Fisherman’s Wharf by refurbishing existing facilities as well as adding new attractions, so that it will appeal to a broad spectrum of travelers from Asia and around the world. Macau Fisherman’s Wharf will focus on family and cultural entertainment, making it an important new project for Macau and a major draw for Macau Peninsula.”

£The investment by SJM Holdings Limited in our company, following the merger in 2012, demonstrates their confidence in our company’s prospects and in the proposed redevelopment of Macau Fisherman’s Wharf, as well as their belief in the future growth of Macau Peninsula,” he added.

Carl Tong, Co-Chairman and Non-Executive Director, said: “The redevelopment for Macau Fisherman’s Wharf involves the redevelopment of existing facilities as well as the addition of new facilities, such as additional gaming areas, hotel accommodations, food and beverage outlets, retail space and entertainment venues. We expect the operations of Macau Fisherman’s Wharf to generate positive earnings when we complete development and commence operations of the new hotels and entertainment facilities under the redevelopment project.”

One of Chow’s biggest investors is pachinko operator Dynam Japan Holdings, who injected $35m into the IPO as a cornerstone investor.

Dynam’s Chairman Yoji Sato said the company’s experience in Fisherman’s Wharf would provide ‘valuable know-how in the entertainment and casino business in Macau.’