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Melco to develop theme park and mixed-use project in Zhongshan with Agile to expand beyond casinos in Greater Bay Area
- Melco and Agile have won a mega site four times the size of Hong Kong’s Victoria Park for US$515 million in Zhongshan
- The development includes homes, offices, hotels, serviced apartments, shopping centres and a theme park, due for completion by 2025
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Macau casino and entertainment operator Melco International Development is making its first foray into the Greater Bay Area’s Zhongshan and plans to build one of the city’s biggest mixed-use development with mainland Chinese developer Agile Group Holdings.
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The pair have won a mega site four times the size of Hong Kong’s Victoria Park for 4 billion yuan (US$515 million), according to a filing made by Melco with the Hong Kong stock exchange on Wednesday.
“Over the past 15 years, Melco has been creating, developing and operating world-class entertainment facilities in Macau and globally. We are determined to play an active role in the development of the Greater Bay Area, and to leverage the incredible expertise of the group in non-gaming activities,” said Lawrence Ho Yau-lung, Melco’s group chairman and CEO.
The casino operator is joining companies flocking to the Greater Bay Area development zone, which is being boosted by policies aimed at making it a centre of finance and innovation in China. Melco is also stepping up its non-gaming investments at a time when its core business has suffered because of the coronavirus pandemic. Last year, it reported a loss of HK$12.38 billion following temporary casino closures and a significant decline in tourism.
Melco believes the development zone will be a gateway for global tourism into China, and it will continue to explore opportunities for investment and to leverage its “deep expertise in entertainment and hospitality to contribute to the Greater Bay Area development”, the company said.
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