Rio Hotel up for sale for USD 247 M

Local business consultancy agency, MacauBoss recently published an advertisement stating that a “hotel with casino” was up for sale for MOP 2 billion, an ad that quickly became widely commented on by local netizens.

Some industry insiders indicated that Hotel Rio is currently discussing the sale and actively negotiating with potential buyers, Exmoo News indicated, and since the transaction has not yet been completed, no public announcement has been made.

Macau News Agency inquired MacauBoss on the purchase, with the platform replying that prospective customers need to submit ID card copy and asset proof for review together with an earnest payment of MOP 5 million in check, before scheduling an official meeting with the lawyer.

According to the online post, this hotel holds a hotel operation and casino license, with its businesses covering many areas including accommodation, casino, restaurant, and spa.

Last month, the Rio Hotel Macau Sauna Place has stopped operating and its employees have been dismissed with a severance package, according to a report by online media Allin news.

The spa – described by Allin Media as the “most luxurious in Macau – was said to have currently closed for business with a door sign indicating that the sauna is “temporarily closed” due to “interior renovations”.

Hotel Rio’s marketing department indicated that they haven’t received any announcement about the sale of the hotel, and is unclear about the source of this information, in a response to Exmoo News.

Regarding the concerns of employees laid-off at the spa section, the hotel’s marketing department said that the sauna department and the hotel department are managed separately, therefore no response can be provided on their behalf.

Chinese language newspaper Macao Daily News reported on March 24 that seven satellite casinos are planning to stop operations by mid-year, due to the tightening of visa applications to Macau, lack of cash flow, and the negative impact of the repeated pandemic outbreaks.

With the service agreement between satellite casinos and gaming concessionaires set to expire on June 26, The Million Dragon Hotel – part of Chan Meng Kam’s Golden Dragon Group – has sent layoff letters yesterday to some of its employees, with dismissed employees suspected to be local residents and marketing staff, Allin Media reported.

Last month, Emperor Entertainment Hotel Limited has also announced that its casino located in its Grand Emperor Hotel will cease operations due to the “tough business operating environment arising from the Covid-19 pandemic over the past two years”.

by Therese Tu