David Chow Kam Fai, the executive director of Macau Legend Development and Honorary Consul of Cape Verde in Macau, revealed he would be investing US$ 273 million in the project, which is expected to be concluded within three years and begin turning a profit in five.
Cape Verde granted the Macanese company a 25-year gambling concession for the island of Santiago, the first 15 of which are exclusive.
David Chow said the contract proves that Macau plays an important role as an economic and trade platform between China and the world’s Portuguese-language countries, and shows that the Chinese special administrative region is one of the most important Chinese cities in that country’s One Belt, One Road project.
Chow said he intended to install between 30 and 40 gambling tables and slot machines geared toward mass tourism.
Following the ceremony, which was attended by Macau Chief Executive Chui Sai On and Cape Verde’s Minister of Tourism, Investments and Business Development, Leonesa Fortes, the cabinet minister said the project will “mean a very profound change, not only on the local level, in the city of Praia and in the Leeward Islands region, but in all of Cape Verde.”
During the ceremony, Fortes thanked “all of the people of China” for the support the People’s Republic of China had afforded Cape Verde since its first days as an independent state.