First plans for Taiwan Casino announced
26th January, 2009
Recent Legislation has been passed by the Taiwan Government to allow for casino developments to begin in the Penghu islands. AMZ Holdings are the first group to announce plans to build the first Vegas style casino complex on the islands.
The group already own 27 acres of land on the islands and soon begin building the regions first major casino and hotel resort.
Currently the Chinese resort of Macau is seen as the gambling capital of Asia however the new legislation passed by the Taiwan government will allow firms to open huge gambling resorts on the islands, in the hope of regenerating the local economey whilst attracting more visitors to the area.
The group told media "AMZ's value is underpinned by freehold ownership with all necessary approvals for resort development. We believe the value of this is materiallyhigher than the acquisition cost of the original multiple plots of agricultural land"
"With gaming now lawful in the offshore islands, we believe the land has a much higher potential value."
Even in the current economic climate, investors are eying up the business opportunities after the new legislation has been passed. The resort of Macau is currently feeling the full effect of the global financial crisis and has seen gaming revenues and visitor numbers fall sharply in recent months.
By Jamie
