Melco International Development Ltd, parent company of casino operator Melco Resorts & Entertainment, has acquired a plot of land in neighbouring Zhongshan for RMB4 billion (HK$4.8 billion) in collaboration with Hong Kong-listed Agile Group Holdings to build a non-gaming complex, including hotels and a theme park.
The news was announced in a company filing to the Hong Kong Stock Exchange on Wednesday. According to the notice, Melco is expected to contribute at least RMB1.45 billion for the development of the land and construction of the theme park, and the 504,000-square metre project is scheduled for completion by 2025.
Melco will be responsible for the construction and management of the theme park, while Agile Group, an investment company mainly involved in property development in mainland China, will be responsible for the rest of the project.
Analysts believed that Melco’s commitment to developing non-gaming projects in the Greater Bay area should help its positioning with respect to Macau’s casino licence re-tendering.