Chow Tai Fook Enterprises, which was part of a winning consortium for a $3 billion-casino resort in central Brisbane, Australia, says it will tap into its VIP network to attract Chinese high rollers to the facility.
The Hong Kong-listed company, whose activities include a jewellry chain and shopping malls, will have a 25 percent share in the Queen’s Wharf development, which is led by Echo Entertainment.
CEO Patrick Tsang told the Sydney Morning Herald that the Chinese anti-corruption crackdown has damaged economic momentum, but it still believes it can attract VIPs.
“The current slowdown, of course we are feeling it,” Tsang told the newspaper. “We have a retail business, we have a real estate business but overall for the longer term we’re bullish on China. Hopefully the crackdown will result in a better system for the longer term which is better for the country. We’re heavily invested in China so we’re quite confident things will work out.”
The company owns 50 percent of New World Development, one of the largest property developers in Hong Kong, in addition to being one of the largest department store operators in China with 41 stores and close to 4 million VIP members. The family is also a distributor of Ferraris, Maseratis and Princess Yachts.
Tsang said it hopes to tap this network along with its 1.7 million VIP customers from its jewellery arm to help lure VIP gamblers to Queen’s Wharf.