Melco PBL Secrets About Macau Play Are Out
Written on December 5, 2006 by Macau
As this report by Glenda Korporaal from The Australian reveals, we always suspected something was amiss, as rumors were going around that Melco PBL had cost overrun and delays on the Crown Macau casino project. Crown Macau was slated to open November 2006. Also the land deal for City of Dreams with the Macau Government is still not resolved, which has slowed down this project.
The 267-page filing reveals that Mr Packer’s Macau play will be a much larger than expected, highly leveraged operation - spread across at least four sites in Macau - which will cost more than $5.6 billion on current estimates.
It also reveals cost blowouts on the Crown Macau project; a much higher than expected cost for the development of the City of Dreams project; plans for a second but as-yet uncosted apartment block on the same site; a third casino/hotel site which could cost as much as $US700 million; and a deal to operate a casino on a fourth site.
Full article by The Australian ==> Packer Ho raises stakes over Macau
Technorati Tags: City of Dreams, Crown Macau, macau, Macau Casino, Melco PBL
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