The Grand Emperor Hotel in Macau announced on Wednesday it had removed the real gold bricks from its distinctive lobby floor and sold them for HK$99.7 million, cashing in on the metal’s market surge.
Opened in 2006 in Nam Van, the hotel was known for its opulent “golden pathway”, showcasing dozens of one-kilogram bars of gold studded into its entrance hall floor.
The feature had aimed “to create a sumptuous and resplendent atmosphere”, the hotel’s Hong Kong-based parent company, Emperor Entertainment Hotel Limited, said in a filing Wednesday.
But with the price of gold leaping in recent months as investors seek safe havens in turbulent geopolitical times, the company said it had recognised “a good opportunity”.
The decision to sell the bricks was linked to a revamping of the hotel’s facilities, said the company.
Last October, a casino on the hotel premises ceased operating following the government’s order for all so-called “satellite casinos” to close for good by December 31, 2025.
“Satellited casinos” were formally owned by any of Macau’s six gaming concessionaires but actually run by third parties.
In Wednesday’s filing the group said the hotel has been actively planning for other entertainment and amusement facilities.
“Given that the relevant area is planned to undergo renovation and redevelopment, the Precious Metal that was originally part of the hotel’s interior design and outfits are no longer relevant to the theme of the hotel in the future,” the firm said.
The sale of “a number of gold bricks weighing 79 kg in total” for HK$99.7 million would “strengthen the Group’s financial position and enable it to invest should suitable investment opportunities arise”, it said.
Other well-known features in the Grand Emperor include an antique gold carriage, which “exhibits the fine craftsmanship of 18th-century Europe”, according to the hotel’s website.
This photo taken yesterday shows the lobby of the Grand Emperor Hotel after the removal of dozens of gold bars previously embedded in the floor. – Photo: Maria Cheang Ut Meng
