Gambling On Asia
Feb 1, 2007 12:00 PM
American REIT Taubman Centers, Inc. was chosen as the retail partner in the development of Macao Studio City, a resort complex that will combine gaming, hospitality and retail.
Taubman's partner in the venture will be Cyber One Agents Limited, a joint venture between Hong Kong-based eSun Holdings and New Cotai LLC, a consortium of U.S.-based investors. The proposed deal gives Taubman a 20 percent stake in the retail portion while it provides development, leasing and management services for the shopping center.
“We've been very keen on Macao because of the strong tourism growth and gaming revenues there,” says Morgan Parker, president of Taubman Asia. “This project is also retail-centric in nature, which was an important precondition to us.”
When completed in 2011, Macao Studio City will have 700,000 square feet of shops and restaurants. The project is scheduled to be completed in two phases, the first opening in late 2009, and the second coming online two years later.
Taubman is also the lead retail developer for Gale International's $20-billion, master-planned New Songdo City in South Korea.
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