Macao studio city
Encyclopedia
Macao Studio City is Asia's first leisure resort to integrate television and film production facilities, retail, gaming and hotels. It is jointly developed by U.S. investment firms Silver Point Capital LP and Oaktree Capital Management LLC
and a Hong Kong entertainment company, eSun Holdings Ltd. In June 2011, Melco Entertainment took over a 60% share of the property developer. Construction on the new resort may resume in 2012 and it may open in 2015.
's Cotai Strip
with an expected opening date sometime in 2009. But the Hong Kong and U.S. investors have been locked in three years of bitter disputes, meaning the six-million-square-foot development remains a vacant patch of land and a big problem for the project's backers.
In an effort to end the dispute, meetings took place in London, Hong Kong and the private office of Macau's then-chief executive. Finally, eSun late in 2009 sued Mr. Friedman's consortium in Hong Kong courts. The case is still pending.
There are four hotels planned at the site:
was acquiring a 25 percent interest in The Mall at Studio City, the retail component of Macao Studio City, Taubman was to fund an initial cash payment of US$54 million. Taubman's total investment in the project (including the initial payment, allocation of construction debt and additional payments anticipated in years two and five after opening) was expected to be approximately US$200 million. But in August 2009, Taubman announced that it has pulled out of the project, recovering its 25 percent, US65 million interest in the project's huge shopping mall development, according to www.macaubusiness.com.
"Under the established agreement, if the developers, Cyber One, were unable to secure financing within an 18 month period, Taubman would get its 25 percent share back. That's what happened, as the set period expired on August 11," Morgan Parker, Taubman's Asia Pacific region president told www.macaubusiness.com.
He said Macao Studio City was on the best site in Cotai, due to its proximity to the Lotus Bridge
and a future stop of the Light Rapid Transit (LRT). The original vision of a movie-themed resort is "a fantastic concept" and "very popular with Asian visitors," the businessman said. The resort will include "a self-branded luxury hotel" with 1,200 rooms when it opens and a maximum of 2,000 rooms. It will also have 290000 square feet (26,941.9 m²) of leasable retail area.
But entertainment "will be the core" of Macao Studio City, Ho said. The highlight will be a multi-purpose entertainment studio with anything from concerts of Cantopop stars to fights, he added.
22.1411428°N 113.5606956°W
Oaktree Capital Management
Oaktree Capital Management, L.P. is a global investment management corporation with about US$82.4 billion of assets under management. Oaktree's mission is to provide management with a primary emphasis on risk control in a limited number of sophisticated investment specialties...
and a Hong Kong entertainment company, eSun Holdings Ltd. In June 2011, Melco Entertainment took over a 60% share of the property developer. Construction on the new resort may resume in 2012 and it may open in 2015.
History
The US$2 billion project is being built on MacauMacau
Macau , also spelled Macao , is, along with Hong Kong, one of the two special administrative regions of the People's Republic of China...
's Cotai Strip
Cotai Strip
The Cotai Strip is the casino and tourism project in the Cotai District, Macau, inspired by the Las Vegas Strip in Nevada, USA, on a considerably smaller scale....
with an expected opening date sometime in 2009. But the Hong Kong and U.S. investors have been locked in three years of bitter disputes, meaning the six-million-square-foot development remains a vacant patch of land and a big problem for the project's backers.
In an effort to end the dispute, meetings took place in London, Hong Kong and the private office of Macau's then-chief executive. Finally, eSun late in 2009 sued Mr. Friedman's consortium in Hong Kong courts. The case is still pending.
There are four hotels planned at the site:
- Ritz-CarltonRitz-CarltonThe Ritz-Carlton is a brand of luxury hotels and resorts with 75 properties located in major cities and resorts in 24 countries worldwide...
- W Hotel
- Marriott Hotel
- Tang Hotel - run by Shanghai TangShanghai TangShanghai Tang is an international clothing chain company, founded in 1994 by Hong Kong businessman David Tang Wing Cheung and now controlled by Richemont.David Tang claimed that Shanghai Tang is a Chinese label that set out to rejuvenate Chinese fashion...
and China Club.
Taubman Centers
Taubman CentersTaubman Centers
Taubman Centers is an owner of United States upscale regional malls and has headquarters in Bloomfield Hills, Michigan. The Taubman Asia subsidiary is headquartered in Hong Kong. It has the highest selling portfolio of malls in any mall company in the United States.Taubman was founded in 1950 by...
was acquiring a 25 percent interest in The Mall at Studio City, the retail component of Macao Studio City, Taubman was to fund an initial cash payment of US$54 million. Taubman's total investment in the project (including the initial payment, allocation of construction debt and additional payments anticipated in years two and five after opening) was expected to be approximately US$200 million. But in August 2009, Taubman announced that it has pulled out of the project, recovering its 25 percent, US65 million interest in the project's huge shopping mall development, according to www.macaubusiness.com.
"Under the established agreement, if the developers, Cyber One, were unable to secure financing within an 18 month period, Taubman would get its 25 percent share back. That's what happened, as the set period expired on August 11," Morgan Parker, Taubman's Asia Pacific region president told www.macaubusiness.com.
Melco takeover
Gaming operator Melco Crown Entertainment has gained control of the long-delayed Macao Studio City project, after buying a 60 percent share in the Cotai resort developer. Melco announced the deal on 16 June 2011 morning and co-chairman Lawrence Ho Yau Lung said at a press conference it would invest USD 1.7 billion (MOP 13.7 billion) in the development. Construction on the new resort may resume in 2012 and it may open in 2015, Ho added. "Significant pilling and groundwork is already done," he said.He said Macao Studio City was on the best site in Cotai, due to its proximity to the Lotus Bridge
Lotus Bridge
Lotus Bridge is a cross-border bridge linking the Cotai reclamation area of Macau with Hengqin Island in Zhuhai, Guangdong Province, People's Republic of China . The bridge is the second road crossing between mainland China and Macau, the other being the Posto Fronteiriço das Portas do Cerco at...
and a future stop of the Light Rapid Transit (LRT). The original vision of a movie-themed resort is "a fantastic concept" and "very popular with Asian visitors," the businessman said. The resort will include "a self-branded luxury hotel" with 1,200 rooms when it opens and a maximum of 2,000 rooms. It will also have 290000 square feet (26,941.9 m²) of leasable retail area.
But entertainment "will be the core" of Macao Studio City, Ho said. The highlight will be a multi-purpose entertainment studio with anything from concerts of Cantopop stars to fights, he added.
Gaming facility dispute
Macau's Secretary for Transport and Public Works Lau Si Io confirmed on 6 July 2011 that there will be no gaming facility in the Macao Studio City project. The secretary reiterated that the developer of this Cotai property is required to adhere to the 2008 development plan approved by the government. The plan, he reaffirmed, includes a major component of a film production facility but doesn't contain any gaming elements. But Melco Crown Entertainment is confident the Macao Studio City will receive the necessary government approvals to include a gaming floor. The company’s chief executive and co-chairman Lawrence Ho Yau Lung said he was confident of striking a deal with the SAR Government to build a casino on the site.External links
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