doesn’t have enough hotel rooms<\/a> to support growing mass market visitation.<\/p>\nWith land limited, Macau could authorize certain incentives for the casinos to invest in non-gaming projects in nearby places like Zhuhai.<\/p>\n
“If the parcel of land is sold, it will set a benchmark for the property market, as well as a benchmark for land for tourism in the Greater Bay Area as a whole,” said Vincent Cheung, managing director of Vincorn Consulting and Appraisal, speaking to the South China Morning Post<\/i>.<\/p>\n
He added, “Zhuhai wants to become a leader in tourism in the Greater Bay Area. Zhuhai was already in the business tourism industry long before Macau showed up. But the rise of Macau’s casinos has led to a decline in customers coming to Zhuhai.”<\/p>\n
Zhuhai is located north of the Macau Peninsula, while Hengqin Island, another Macau neighbor that’s much larger in terms of land size, is located just southwest of the Cotai Strip. Hengqin is already being used by Macau casinos for MICE developments.<\/p>\n
Land Doesn’t Come Cheap<\/b><\/h2>\n
The $790 million opening bid might seem a tad rich, even considering Macau casinos won more than $37.8 billion on their casino floors last year. The initial offering equates to $14.15 million per acre.<\/p>\n
But, by comparison, $790 million for almost 56 acres in the Greater Bay Area apparently isn’t all that atypical.<\/p>\n
Example: Wynn Resorts agreed to pay the Macau government $193 million in 2011 for 51 acres on the Cotai Strip, which is now home to its $2.5 billion Wynn Palace resort. But unlike the Zhuhai land sale, Wynn doesn’t actually own the acreage, but simply leases it from the enclave.<\/p>\n","protected":false},"excerpt":{"rendered":"
Macau neighbor Zhuhai is preparing to auction off a 226,000-square-meter (55.8 acres) plot of land that it hopes will entice the multibillion-dollar casino giants to cross the bridge and invest in new hotels and convention space. Hong Kong, Macau, and Zhuhai \u2013 collectively known as the Greater Bay Area following last year’s opening of the […]<\/p>\n","protected":false},"author":25,"featured_media":115866,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,33810],"tags":[],"acf":[],"yoast_head":"\n
Macau Neighbor Zhuhai Hopes to Entice Casino Operators With MICE<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n