HONG KONG, June 24 (Reuters Breakingviews) - Melco International Development (0200.HK) will invest 1.85 billion yuan ($286 million) building a theme park in China’s Guangdong. It’s the Macau-based casino operator’s latest bet on geographic diversification. Last year, founder Lawrence Ho shelved plans for a stake in Australia’s Crown Resorts (CWN.AX) . He is also trying his luck in Japan, though the pandemic has delayed the bidding process.
His latest effort is just 38km from Macau. The Hong Kong listco will own the assets, not the U.S.-listed $8 billion operating company that controls its casinos. That will play well with regulators when the world’s largest gambling hub starts the rebidding process for licences in 2022: They want operators expanding beyond baccarat into family-friendly activities and forging stronger ties with the mainland and Greater Bay Area. The investment could be a success in its own right, too. Although a 2025 completion date means it may miss a post-pandemic craze for amusement parks , China’s domestic tourism is growing fast read more . (By Katrina Hamlin)
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