This may come as a surprise to some people, but Italian fashion house Versace has expanded its business past what we normally associate it with. Sure, it still produces its meal ticket fashion items, but in the past years, Versace has also ventured into developing luxury hotels.
The Palazzo Versace Australia already stands as an opulent hotel in Gold Coast, Australia and the Palazzo Versace Dubai is expected to rise and take its spot in the growing skyline of Dubai.
Recently, the Italian fashion house announced that it was adding a third hotel to its growing brand. This one, though, will be built in Macau after a deal was signed between Versace and Macau casino operator SJM Holdings Ltd. for the hotel to be developed as part of the latter’s massive resort that will rise on the Cotai Strip.
“We are delighted to partner with Versace to bring their commitment to luxury and beauty to SJM’s resort project in Cotai, Macau,” Dr. Ambrose So, Chairman of the Board of Directors of SJM, said. “The combined expertise of Versace and SJM will create an unforgettable hospitality experience for Macau’s visitors which will enhance Macau’s role as a world-class leisure and tourism destination.”
The deal is already in place between both parties and although the cost and completion date has not yet been disclosed, it marks as a prime opportunity for Versace to showcase its five-star hotel in a country that doesn’t have any shortage of people willing to spend the money to enjoy the perks of a luxurious hotel, especially one that has the name “Versace” attached to it.
Ironically, SHM Holdings stature as the biggest casino market shareholder in Macau hasn’t translated to having success in the Cotai Strip, the destination that is being billed as the Macau’s answer to Las Vegas, because it’s actually the last of the six operators to be granted approval to build a casino in the area. But after receiving its land grant earlier this year, the company is already in the process of building a humongous integrated resort that is expected to include a 2,000-room, five-star hotel (Versace, perhaps?), 700 gambling tables, 1,000 slot machines, and a car park, of all things.
With Versace now in the fold, SJM Holdings has the cache of being attached to one of the biggest luxury fashion brands in the world, a perk that both companies hope will translate to droves of wealthy and affluent gamblers staying in the soon-to-rise five-star hotel and play in the vast gambling options SJM Holdings will have at their disposal.