The world renowned Italian fashion house of Versace has signed a deal to build a luxury hotel at a casino resort in Macau, the world’s top gambling market, part of a joint venture with casino operator SJM Holdings Ltd.
Macau is the only place in China where are casinos are legal. It earned $38 billion in casino revenue last year thanks to rising numbers of affluent mainland Chinese visitors.
SJM, founded by Billionaire casino mogul Stanley Ho, received official approval in May to build a 2,000 room resort with 700 gambling tables. This will be the company’s first resort on the Cotai Strip, modeled as Asia’s version of the Las Vegas Strip.
Having the famous Versace label will help SJM compete against some of the big hotel casino resorts that already have a head start in Macau such as Wynn, Venetian and MGM. The deal will also give Versace access to wealthy Asian visitors with a taste for luxury.
The Palazzo Versace Macau hotel would be the third Versace hotel globally. There is already one in Australia’s Gold Coast and another in Dubai that is under construction.