Taubman Moves Out Of Macao Studio City
Taubman, owner and renter of shopping malls all over the world, has divested itself of holdings in Macao Studio City a casino project proposed, and partially built, on Cotai. They've also managed to hose their website's homepage.
We've been predicting for years that Macao Studio City was dead in the mud once the pile drivers and cranes started leaving their construction site which has been idle for at least a year.
The big losers here are obviously the international hotel consortiums (W, Ritz-Carlton, Marriott, David Tang) and Playboy, all of whom were to license their names to hotel towers. The really big loser is Melco Crown LTD who had a standing agreement to manage all of Macao Studio City's gaming operations via their subconcession. What is the onomotopoetic opposite of cha-ching?
Many questions remain as to how the rest of this ship is going to sink. Will eSun and New Cotai LLC opt to pull the plug and sell the land and licensing agreements - Genting, or Playboy-ready Maloof or maybe Harrah's? - or look for a new investor partner who believes in their vision for Cotai regardless of what the visitation numbers say.
If Taubman is really hot for owning a shopping mall in Cotai, I know someone who has got one for sale.