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MACAU (Reuters) - The son of billionaire Macau casino magnate Stanley Ho on Thursday announced the revival of an entertainment project left dormant for eight years, as authorities move to seize idle land in the world’s largest gambling hub. Macau Theme Park and Resort Ltd aims to open an 820 room hotel and leisure facilities costing HK$5 billion ($638 million) by 2020, but without the theme park it initially planned. The firm has held land for the project for almost a decade while seeking permission to build the theme park. With its application still unsuccessful, and a change in law targeting unused land, the firm has decided to proceed without the park.
“We continue to communicate with the government and hope it can give us the opportunity to develop a new Macau theme park,” said Arnaldo Ho, Booming casino revenue in the Chinese-controlled territory has seen land prices soar over the past decade, particularly near the Las Vegas-style Cotai strip where the revived project is located, But since last year, the authorities have seized over 100 plots under a 2013 law aimed at deterring developers from hoarding land to profit from rises in value, as well as to make better use of patek philippe replica cufflinks land in the space-starved territory..
Some developers have responded, including Genting Hong Kong Ltd (0678.HK) which in December began construction on land vacant for over 10 years. Jorge Neto Valente, head of Macau’s Lawyers Association, said the government did not distinguish between land idle for speculative intentions or reasons out of the developer’s control. Arnaldo Ho’s mother, Angela Leong, initially announced the project in 2010, saying it would feature five hotels with themes such as the character Hello Kitty, plus an indoor beach, equestrian center, amusement rides and convention facilities.
The government did not respond to a Reuters patek philippe replica cufflinks request for comment on the status of the theme park application, Leong, a Macau legislator, manages her nonagenarian husband’s family businesses which include casino operator SJM Holdings Ltd (0880.HK), the Macau Jockey Club horse racing franchise and former greyhound racing stadium Canidrome Club, Her project, dubbed Lisboeta, is on land adjacent to the $4.6 billion Lisboa Palace casino that SJM will open in 2019, Arnaldo Ho on Thursday said it would have a more nostalgic feel in contrast to Macau’s mainly glitzy resorts..
BERLIN (Reuters) - Primark, the fashion chain owned by Associated British Foods (ABF.L), has emphasized its commitment to environmental standards and safer working conditions as it fights for market share in discount-loving Germany and other countries. The company’s low prices came under scrutiny in 2013 after 1,129 people died in the collapse of a factory in Bangladesh, where clothes were made for brands including Primark. That prompted it to ramp up efforts to police its suppliers, building up a team of over 100 people who focus on ethical trade and environmental and sustainability issues.
“Germany is the homeland of Aldi and Lidl so German customers appreciate low prices, good quality,” said Wolfgang Krogmann, head of Primark in Germany, as the chain opened its 28th store in the country in west Berlin, “They understand that patek philippe replica cufflinks kind of model, That is definitely in our favor.”, German shoppers are also more demanding when it comes to ethical standards, Krogmann said, prompting the company to trial “Primark Cares” posters in its stores in the country, with information about its factories and how it sources raw materials..
Germany is a key growth market for Primark, which is expanding across continental Europe and the United States after nearing saturation point in Britain and Ireland. It expects to open two more stores in Germany in the current financial year, after five in the 2017/18 fiscal year. But it is locked in a battle with rival discount retailer H&M (HMb.ST), successfully drawing customers away from the Swedish company’s 458 German stores. H&M saw sales steadily decline in Germany, its biggest market, in the last two years until a rebound in its latest quarter.[nL8N1WD159].
H&M is another major brand putting patek philippe replica cufflinks a bigger emphasis on sustainability, It, Primark and other retailers are seeking to promote recycling and more environmentally-friendly cotton farming methods in response to customer concerns, “We don’t want to give the impression that we’ve got everything right..We’re on a gradual journey,” said Katharine Stewart, Primark’s head of ethical trade and environmental sustainability, Primark, which has 360 stores globally, will roll out more products next spring made from cotton planted under its sustainable farming program in Pakistan, including children’s pyjamas and women’s jeans..