Macao Studio City
is Asia's first leisure resort to integrate television and film production facilities, retail, gaming and hotels. It is jointly developed by U.S. investment firms Silver Point Capital LP and Oaktree Capital Management LLC
and a Hong Kong entertainment company, eSun Holdings Ltd.
The US$2 billion project is being built on Macau
's Cotai Strip
with an expected opening date sometime in 2009. But the Hong Kong and U.S. investors have been locked in three years of bitter disputes, meaning the six-million-square-foot development remains a vacant patch of land and a big problem for the project's backers.
In an effort to end the dispute, meetings took place in London, Hong Kong and the private office of Macau's then-chief executive. Finally, eSun late in 2009 sued Mr. Friedman's consortium in Hong Kong courts. The case is still pending.
There will be four hotels at the site:
was acquiring a 25 percent interest in The Mall at Studio City, the retail component of Macao Studio City, Taubman was to fund an initial cash payment of US$54 million. Taubman's total investment in the project (including the initial payment, allocation of construction debt and additional payments anticipated in years two and five after opening) was expected to be... Read More