MILAN Aug 20 Italian fashion house Versace has
signed a deal to build a luxury hotel at a casino resort in
Macau, Asia's gambling capital, it said on Tuesday.
In a joint statement with local casinos operator SJM
Holdings Ltd, Versace said the five-star Palazzo
Versace hotel will be part of a resort SJM is building in the
former Portuguese colony's Las Vegas-style Cotai strip.
The statement did not give any financial details.
SJM, controlled by the family of gambling tycoon Stanley Ho,
was given initial approval in May to build its first resort in
Cotai, where it has been facing competition from rivals like Las
Vegas Sands Corp and Galaxy Entertainment Group Ltd
The property, which is not expected to open before 2015,
will have 700 gaming tables and 2000 hotel rooms.
The Macau hotel is Versace's first hotel in Asia and the
third in the world after one in Australia and another that will
open next year in Dubai.
Macau, located an hour away form Hong Kong by ferry, is
China's only legal casino hub. Gambling revenues totalled $3.7
billion in the month of July alone, up 20 percent on a year
earlier, thanks to rising numbers of mainland Chinese visitors.