Macau Legend Development signed a memorandum of understanding with the Portuguese municipality of Setúbal, which could reach 150 million euros in the first phase, Macau’s press reported on Thursday.
The first phase, due to start in the first few months of 2017, includes the construction of a hotel, a block with 60 apartments, a marina and new facilities for the Clube Naval Setubalense (Setubal Naval Club), to be followed by a second phase including another hotel, naval club and cultural and commercial equipment.
Macau businessman David Chow said at the end of the signing ceremony, which was attended by the Chief Executive of Macau, Chui Sai On and the Secretary for Economy and Finance, Leong Vai Tac, that the amount to be invested depends on the benefits granted by the municipality.
“It is an open project, in which investment can go from 100 million to 500 million,” said the businessman, quoted by newspaper Tribuna de Macau.
The Mayor of Setúbal, Maria das Dores Meira, said there was an immediate need to draw up a detailed plan, so that all public authorities are in agreement on this investment project, “something that can take between six months to a year.”
Under the memorandum, B&G (owned jointly by the Aquarius venture capital Fund and Amorim Turismo – Serviços e Gestão) and Macau Legend Development will be a partnership in which the latter will have a 55 per cent stake.
Then, B&G will transfer Casino Troia and the concession for 40 million euros, with the Macau Legend Development applying, simultaneously, capital or providing a guarantee of 50 million euros to the future company. (Macau News/Macauhub)