Gold bricks from Macau’s Grand Emperor Hotel lobby removed and sold for $11.55M
Macau’s Grand Emperor Hotel just got a little less glamorous, as the group has removed and sold the gold bricks that formerly decorated the hotel’s lobby for over two decades.
In a stock exchange filing on Wednesday, the group highlighted the end of its satellite casino operation in the hotel and plans to renovate and redevelop the lobby as part of its rationale for the sale.
The statement noted that the gold bricks ‘originally part of the hotel’s interior design and outfits are no longer relevant to the theme of the hotel in the future’. The group did not clarify what the theme would be but noted that it ‘has been actively planning for other entertainment and amusement facilities to enhance its overall hospitality experience and broaden the revenue base’.
It also noted the ‘high level’ of gold and savings linked to prior costs for security and insurance due to its presence in the lobby floor.
The group expects to make a gain of approximately HK$90.2 million ($11.55 million) from the disposal of the gold, purchased by Hareaeus Metals Hong Kong Limited.
Emperor notes that the net proceeds ‘will strengthen the Group’s financial position and enable it to invest should suitable investment opportunities arise’.
By Kelsey Wilhelm