Developers of a Penghu resort project said yesterday that media speculation over government support for legalized gambling on the island may destroy the plan before it starts.
"The media reports were totally untrue. President Chen Shui-bian (陳水扁) would not say he agreed to a foreign company investing in the Penghu Casino Resort," Chang Jen-hsu (張仁旭), marketing and planning manager of the Penghu Bay Development Co, told the Taipei Times by phone yesterday.
Chang said the news was not good for business. "The negative response stirred up by the media may scare off some potential investor participation in this project," he said.
Media reports nationwide yesterday said that Chen was in favor of an alliance between the US-based Las Vegas Sands Inc and Penghu Bay Development to construct a resort hotel and casino complex on Penghu. Chen met Las Vegas Sands chairman Sheldon Adelson last October.
The Presidential Office denied yesterday that Chen had lent his support to legalized gambling on Penghu. The project's developers acknowledged that while their present plans do include an optional casino plan, currently they are only authorized to construct a hotel in Paisha (白沙) township in Penghu.
That plan is still in an early stage as the two key partners -- the Las Vegas Sands and Penghu Bay Development Company -- have thus far only discussed the terms of a proposed memorandum of understanding, Chang said.
"We were approved by Penghu County Government on March 2 for the construction of a 320-room hotel there. Construction of the NT$4.5 billion hotel project is expected to begin soon and will include an indoor and outdoor water park and shopping arcade by 2003," Chang said.
The five-star complex would face virtually no competition, as the island group has 17 hotels that together offer just 915 rooms. None of these are even of three-star quality.
As for the casino portion of the project, it is expected to be completed by 2006 at a cost of NT$9 billion -- subject to government approval, Chang said.
The four-phase project is expected to be completed in 2013 and would offer 2,320 rooms at a total cost of nearly NT$22 billion.
The resort hotel and casino are only phases one and two.
Chang predicted the complex -- if completed as planned -- would provide 2,500 jobs for Penghu residents.
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