Entrepreneur Sir Richard Branson looks set to close a deal which will see him build a casino in the world's largest gambling centre.
According to the Financial Times, the owner of the Virgin Group is close to securing a 20-hectare site in Macau, China, which has recently outstripped Las Vegas as the global gambling capital.
Sir Richard plans to build an entertainment complex that will contain three hotels and a casino – at a cost of about $3 billion (£1.5 billion).
"We hope to get all the boxes ticked in the next couple of months and start developing the site soon afterwards," said the entrepreneur. The casino will be planned for a 2010 opening and will target the 20-35-year-old age group.
"The sector is growing but existing casinos are light on entertainment. There's little to attract the family crowd or make it a memorable value-for-money experience," the Virgin owner said.
He was quoted as saying that the development of the Macau casino will be financed "at least partially with a mix of Virgin equity and debt financing from international banks".
If successful the venture will secure Macau's status as a world destination for gambling. The special administrative region, which is the only place in China where gambling is legalised, has been tipped to double its gambling revenue by 2010.
Mr Branson is banking on the Virgin Group cashing in this increase, estimating that the costs of the casino project will be recovered in 18 months following its opening.
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