Jun
17
Melco PBL updates Cotai City of Dreams
Filed Under Macao, Cotai, Melco PBL, Wall Street, Hard Rock Macau, City of Dreams, Grand Hyatt Macau, Crown Towers Hotel | Leave a Comment
(3 of 3 Melco PBL postings today)
Up, up and away!
Melco PBL issued a press release that it has secured a US $2.75 billion loan that includes two sub-headings about its Cotai City of Dreams that i’ll talk about. Take a look back at my posting from March after Melco PBL raised its budget for Crown Macau. At the time, I couldnt help but wonder how much City of Dreams was going to end up costing. I’m guessing there’s more increases to come.
1) Announces Substantial investment in Cotai Serviced Apt Hotel Units
The budget was raised from US$96 to $US353 due to a significant change in scope. The company does believe however that the proceeds from the sales of these apartment hotel units will end up reducing the net capital investment of the Cotai City of Dreams.
2) Completes Cotai’s City of Dreams Project and Program Review
Budget raised 23%, from US$1.5 billion to US$1.849 billion due to an increase in scope. The thing with the “increased scope” excuse is that its always tough to determine how much is really “increased scope” and how much is poor planning and rising construction costs. To the company’s credit, the do say that the rise in costs is almost proportional to the increase in gross square feet (3.6 million to 4.2 million), with only 6% of the increase is from inflation.
The company also gives an opening date of March 2009 for its Phase I City of Dreams with the following description:
…consists of substantially all of the 420,000 square foot casino and approximately 85,000 square feet of retail space, as well as the 366-room Hard Rock Hotel and the 295-all-suite Crown Towers Hotel, Cotai. The 1,005-room Grand Hyatt Macau twin-tower hotel is scheduled to open in September 2009.
The entire press release can be found here
Jan
23
Cotai getting Hard Rock Macau
Filed Under Cotai, Melco PBL, ENTERTAINMENT, Hard Rock Macau, City of Dreams | Leave a Comment
Hard Rock Macau! You got to like the sound of that.
Hard Rock announced that they have signed a definitive agreement with Melco PBL for the development of the Hard Rock Hotel and Casino Macau at Melco PBL’s City of Dreams Casino and Entertainment Resort Complex on Macau’s Cotai district.
The Hard Rock Macau will be joining three other hotels at the underwater themed City of Dreams casino resort complex. The other three planned hotels are the Grand Hyatt, Hyatt Regency, and Crown Towers. Macau City of Dream’s phase I development will include the Hard Rock Macau and is scheduled to open in 2008.
The Hard Rock Casino Macau will feature: (more below the ads)
“…a state-of-the-art Hard Rock Casino with a mix of table games and slot devices; an approximately 380-room Hard Rock Hotel with guest rooms and suites designed by leading-edge Hard Rock designers, plus two custom “Rock Star” mega-suites; a Hard Rock Cafe offering Hard Rock’s updated menu, as well as a designated area for live music and a Rock Shop featuring Hard Rock’s traditional and new rock-star designed and inspired merchandise; a VIP roof-top nightclub with direct elevator service and the best nighttime views of Macau; a stylish casual dining restaurant offering round-the-clock service with Hard Rock accents; a stimulating health and fitness center complete with Hard Rock’s relaxing spa treatment rooms; a variety of uniquely designed meeting spaces; and an expansive pool and entertainment deck featuring Hard Rock’s custom cabanas and underwater music experiences.”
For those who have never been to the Hard Rock Hotel Casino in Vegas, let me just say that words will not do it justice. I recommend checking out the Hard Rock Vegas website. Sure its a casino, but the real action is at the club, bars, live music venue, and the hottest pool in Vegas. The Hard Rock is as cool as it gets in Vegas.