Sino Express Travel Limited (OTC:SXPT) announced that it has signed a Memorandum of Understanding to acquire the right to manage a 160-room hotel in Macau for 10 years.
The total consideration of US$2,500,000 is expected to be settled by issuance of restricted common shares of SXPT at US$0.15 per share. Construction and furnishing installations of the Macau hotel are at the final stages with a target completion by the end of this year.
Macau, a former Portuguese colony, is a special administrative region of China and it is situated 60 kilometers southwest of Hong Kong in the coastal region of south China. Macau's economy is largely based on tourism and casino gambling, the gambling revenues from Macau's casinos made news in 2006 by surpassing those of Las Vegas strip. The Macau hotel is located within minutes from several casinos such as Casino Lisboa, Wynn Macau, Sands Macau and MGM Grand Macau. Sino believes the hotel in the vibrant market of Macau will add great value to its growing portfolio of hotels and attractions.
