The government has not yet given permission for the inclusion of gaming facilities in the project for a boutique casino hotel in Cotai, next to the One Oasis residential project. Our sister publication Business Daily quotes a person with knowledge of the situation as saying that the ‘service provider agreement’ – whereby a project can use the gaming rights of an existing casino operator – “has not yet been approved” by the government. The project’s investors are eyeing to inject the project into Hong Kong-listed construction and property management company Paul Y. Engineering Group Ltd, (PYE), and then use the company as a platform to raise capital. According to a PYE stock filing dated from Monday, there is already an agreement to buy the land needed for the casino hotel from the developers of the One Oasis residential project. The total estimated cost of the project is HK$6 billion (US$774 million), including the cost of the land. Construction could start early next year in order for the property to be ready by 2016. In the stock filing, it is not disclosed under which casino operator’s gaming licence the casino would operate. The boutique casino hotel, to be built on a 6,000-square meter plot, is projected to have 66 live gaming tables.
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