Ponte 16, a waterfront casino resort in Macau, has outgrown its existing property. Success Universe Group, which has invested heavily in the venue, wants to conduct an expansion project to increase the property’s size, and is hoping that the Macau government will approve its plan before the end of the year.
In speaking with GGRAsia yesterday, Success Universe Chairman and Executive Director Hoffman Ma Ho Man acknowledged that growth is needed and that the firm is hopeful that it can begin construction of the so-called third phase of the property as soon as possible. The buildout will incorporate land adjacent to, and south of, Ponte 16, which is located near Macau’s historic Pier 16 building in the city’s Inner Harbour district.
The new phase will see the inclusion of a shopping mall and Success Universe is pushing for additional gaming space, as well. That gaming activity would be run by SJM Holdings Ltd., a Ponte 16 partner and current owner of the casino’s gaming license.
Phase 3 has reportedly been talked about for almost a decade, but never got off the ground. This was due, according to Ma, because of a requirement to include a “flooding solution,” given Inner Harbour’s propensity to becoming inundated with sea water during heavy storms. Ponte 16 received localized flooding in 2017 as a result of Typhoon Hato, which caused one of the gaming floors to be put out of commission while it was dried, cleaned and refurbished.
That risk is already being mitigated, as Success Universe recently announced the installation of flood gates on opposite sides of the property. Ma added in his recent conversation with GGRAsia, “We have spent a lot of time on studying the flooding solution issues with our plan.”
Ma has not mentioned if Phase 3 will incorporate the same type of flood gates, or if another solution might be sourced. However, he believes that Macau will give approval for the next phase “within this year.”
The executive, speaking during the company’s annual meeting last Friday in Hong Kong, said that Phase 3 could take up to two years to complete after approval is finally given. He added that the project would cost around $77-$102 million, and that it will be funded, in part, by loans offered by financial institutions.
