Macau’s Ponte 16 to revitalise floating casino Macau Palace in latest expansion

Success Universe Group, the investor and operator of the Ponte 16 property, has announced plans to include the floating casino Macau Palace in the third phase of its expansion project.

Hoffman Ma Ho Man, the company’s director, said that the total investment for the phase III expansion would exceed MOP100 million (US$12.4 million), according to Hong Kong news agency SingTao News.

The group is currently in discussions with the SAR government regarding the project’s details. The company is also looking to discuss financing with banks, Ma said at the group’s 2023 annual general meeting.

Success Universe Group has a 49 percent interest in Pier 16 – Property Development, with the remainder held by SJM Holdings, the owner of Macau Palace.

In 2022, SJM announced that it would invite professionals and specialists to revitalize and renovate its now-defunct casino, Macau Palace.

The floating casino, which was relocated to Lam Mau harbor in the Fai Chi Kei district, will be moved to No.14 Pier in the Inner Harbour area after renovation, which is near the Ponte 16 resort.

After revitalization, Macau Palace will no longer be a casino but a home to dining and retail offerings and a gaming culture museum.

One of the oldest casinos in Macau, Macau Palace, was opened in 1962 by Sociedade de Turismo e Diversões de Macau (STDM), the gaming group founded by casino magnate Stanley Ho, which in that year had obtained an exclusive gaming concession for the city.

At the annual general meeting of Success Universe, Ma disclosed that the hotel occupancy rate and room prices of the group had returned to 80 percent and 85 percent of 2019 levels.

The director also said that Macau’s daily average number of visitor arrivals was approaching 2019 levels, and the labor shortage in the SAR was gradually being resolved.

He predicted a 10 percent quarter-on-quarter increase in Macau’s gaming revenue for the second quarter and anticipated that the 2023 annual gaming revenue will surpass MOP150 billion.

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