Melco Parent Company Partnering to Develop and Billion Dollar Theme Park in Zhongshan

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Melco International Development Ltd, Melco Resorts parent company, is partnering with a real estate company to develop a theme park in Zhongshan for $1.55 billion.

Zhongshan is near Macau, where Melco Resorts owns and operates multibillion-dollar casino resorts. Melco International announced that it would be investing $285.6 million into the undertaking. The remaining part will be funded by Agile Group Holdings, a real estate development firm that is publicly traded.

Melco has six licensed casinos in Macau. Melco also controls 55.8 percent of casinos in Macau. Resorts owned by Melco include Studio City and City of Dreams- both on the Cotai Strip.

In recent years, Macau officials under the direction of Beijing have been urged to diversify into the non-gaming business. In Macau and Cotai, there is little room for development, and investors are looking to the neighboring province of Guangdong.

The unnamed development in Zhongshan will feature parks, hotels, and green areas. The development is composed of residential, commercial, recreational, and entertainment elements. Melco and Agile are targeting to complete the project by 2025.

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