"The hotel, which opened in 2006, is known for its opulent decor including a golden pathway featuring dozens of gold bars in its entranceway. But the resort's Hong Kong-based parent company, Emperor Entertainment Hotel Ltd, announced in a Wednesday filing that while the gold bullion had created a sumptuous and resplendent atmosphere in the hotel, in light of the prevailing market conditions the firm recognised a good opportunity to remove and sell them."
"The group said it had sold a number of gold bricks weighing 79kg in total for $12.8m to a Hong Kong-based refiner. It added that the sale would strengthen the group's financial position and enable it to invest should suitable investment opportunities arise. Macau was a Portuguese colony for 442 years until control was handed back to China in 1999. It is now one of China's two special administrative regions, along with Hong Kong, that are granted a greater degree of autonomy from Beijing."
The Grand Emperor hotel removed and sold the gold bricks lining its lobby floor amid a rise in gold prices driven by geopolitical turbulence. The hotel, opened in 2006, featured an opulent golden pathway made from dozens of bars. Emperor Entertainment Hotel Ltd sold 79kg of gold bricks for $12.8m to a Hong Kong refiner. The group said the proceeds would strengthen its financial position and allow investment in suitable opportunities. Macau, a former Portuguese colony and one of China’s two special administrative regions, has been diversifying away from gambling. The Grand Emperor closed its casino in October and plans to redevelop its gold-studded lobby for other entertainment and amusement facilities.
Read at www.theguardian.com
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