Melco not to build Trinity
Posted by Carl Barnett on 19 Feb 2010 at 11:02
Plans made by a major casino group to open up a third complex in Macau have been dropped.
Melco Crown, a joint venture between Lawrence Ho Yau Lung and James Packer, has stated that the new casino complex will not be built after all.
Packer also owns the largest casino in Melbourne, Crown Casino.
The casino was an ambitious project and had been scheduled to open up later this year amid a large amount of media attention.
Trinity casino was to have a two tower setup, and feature a number of aspects that would make it an exclusive destination, both for hotel guests and gamblers. In total, the Trinity casino complex would have cost close to 700 million USD to complete.
The company made the announcement earlier this month as part of a conference call that was used to disclose fourth quarter results for the firm.
Melco Crown disclosed the fact that they had received a refund for the cancelled venture, totalling 12 million USD.
This refund leads them into a situation where they will have the right to buy back the land upon which Trinity was meant to be built.
However, it is not expected that the recession will permit any further casino building in the foreseeable future.
This recession has not hated the steady growth in online casinos, which has continued across the globe.
