Casino mogul Stanley Ho's family business planned to unveil The Park Hyatt project by 2007, which will be the first six-star hotel in Macao.
Tuesday's Macao Post reported that investors expect to put up 1.5 billion HK dollars (192 million US dollars) to fund the project,and are confident to return on capital one or two years after its opening.
Stanley Ho's flagship Macao Entertainment Co. Ltd. (STDM) and the Melco International Development Ltd. run by his son Lawrence
Ho Yau Lung and the Australia-based gaming company Publishing and Broadcasting Ltd. joined forces in launching the project on Taipa Island, which is located some four kilometers off the Macao Peninsula, according to the newspaper's report.
The hotel will be the tallest building on the island, which accommodates the Macao International Airport. It is designed to stand at 160 meters high and stretch for a total construction area of 103,000 square meters.
The 32-story hotel will house a 6-story up-market casino targeting at high rollers and big spenders.
Among several new casinos under construction in Macao, nearly half belong to Ho's family. Stanley Ho held that smaller casinos with small profit margins would be replaced. The market demand will have the final say on how many casinos the small city would accommodate eventually.