A delegation from Macau Legend Development Limited met with the authorities of the Portuguese city of Setúbal to discuss how to initiate the planned mega-project on the region’s riverfront, according to a release from the Setúbal Government.
The delegation, led by Macau Legend’s chief executive officer, David Chow Kam Fai, met with the mayor of Setúbal, Maria das Dores Meira, to prepare a request to Portuguese authorities to consider the region’s riverfront development as a National Interest Project (PIN).
According to Ms. Meira, in the event that the project receives the designation, it will allow it to ‘speed up the development process with several central government entities’ kickstarting the project with a total cost estimated at 246 million euros (MOP2.09 billion).
‘The meeting was initially scheduled to take place in May, but the local gaming company CEO wanted to push forward the date, linking it with his trip to Cape Verde, where Macau Legend already is developing a similar project to that planned for the riverside area of Setúbal,’ Ms. Meira added.
According to the Macau Legend representative in Portugal, Duarte Pinto Gonçalves, the meeting looked to ‘reassert the group’s interest in investing in Portugal, particularly in Setúbal, and to seek solutions to start the investment as soon as possible’.
On the riverside
In July of 2016, Macau Legend signed a memorandum of agreement with the Setúbal authorities for the project development, with the first phase said to start this year with a 150 million euro investment, followed by a second phase of 100 million euros, according to newspaper Journal de Negócios.
The project in the Sado river estuary will include a four-star and five-star luxury hotel on the waterfront, a residential building with 60 apartments, a yacht club and several commercial units, the release stated.
Estimated to create as many as 3,000 job openings, the development includes a maritime connection with the Troia peninsula where the Troia Casino is located.
Last year, Macau Legend reached an agreement with Portuguese companies Fundo Aquarius, Amorim Turismo and B&G – which owns Troia Casino – to establish a joint venture to develop the Setúbal project.
The deal also includes a 40 million euro proposal for the casino – which has 220 slot machines, 13 gaming tables and a gaming concession valid until 2031 – to be managed by the new venture.
The establishment of the joint venture, in which Macau Legend will hold a 55 per cent share, is still pending approval from the Portuguese Government.
Portugal’s Ministry of the Sea is also yet to approve the riverside development, having expressed concerns it could disrupt maritime access to the Setúbal harbour. with Lusa