Yahoo Finance Versace To Build Luxury Macau Hotel Complex
Italian fashion house Versace is set to enter Asia's luxury hotel market.
The company has signed a deal to build its complex at a casino resort in the Asian gambling capital, Macau.
It is a joint venture with the Chinese territory's biggest casino operator SJM Holdings Ltd.
The five-star Palazzo Versace hotel will be part of a resort SJM is building in the former Portuguese colony's Las Vegas-style Cotai strip.
SJM, which is owned by the family of gambling tycoon Stanley Ho, was given initial approval in May to build its first resort in Cotai .
It has been facing competition from rivals including Las Vegas Sands Corp (Xetra: A0B8S2 - news) and Galaxy Entertainment Group Ltd.
The complex is expected to open by 2015 and will have 700 gaming tables and 2,000 hotel rooms.
Versace currently has one hotel in Australia and is set to open another in Dubai next year.
The fashion brand's hotel in Macau will be its first in Asia, a region known for its thriving luxury market.
Macau, which is an hour away from Hong Kong by ferry, is China's only legal casino hub.
Gambling revenues there totalled $3.7bn (£2.3bn) in July, up 20% on the previous year.
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