Chinese business magnate David Chow vowed last year that if it could, his Macau Legend Development company would invest more than the €150 million it was ploughing into a mega-project in Setúbal – and this weekend it looks like the company has the green light it needed for expansion.
National media has upped the investment stakes by €100 million to €250 million, with Macau press explaining that David Chow’s project is indeed “even more vast” than when it was first unveiled.
The nitty gritty still involves the same number of luxury hotels (2) and apartments, as well as shops, a marina, a ferry station and 3000 jobs – but the area over which the development will be spread is now “slightly larger”, and possibly the number of storeys involved slightly greater.
Gaming boss Chow hinted last year that he’d be prepared to lavish up to €500 million on the deal, depending on what was made available to him (click here).
The memorandum of understanding signed between Macau Legend Development and Setúbal borough council will now see various studies going ahead, before final permissions are given.
Work is due to start in May.
Chow was in the town at the mouth of the river Sado over the weekend, on his way to Cape Verde, and told reporters after a meeting with mayoress Maria das Dores Meira: “We had a working meeting in relation to the process that is in course, and the intention of presenting this project, of national interest, to the competent entities” (in other words, the government).
Included in the scheme is the plan for Macau Legend Development to “enter the share structure” of nearby Tróia casino (within the borough of Grândola), Correio da Manhã explained last year.