Listed mainland construction giant China State Construction International Holdings (3311) has won its largest ever building contract to be carried out on its own, for a casino project in Macau.
In an English press release Monday, the company said it had won the Cotai casino project being developed by casino operator MGM China Holdings (2282) for a contract value of HK$10.5 billion.
The company’s two wholly owned subsidiaries, China State Construction Engineering (Hong Kong) and China Construction Engineering (Macau), will be the main contractors for the project.
MGM China’s Cotai project will involve building a casino resort complex with a gross floor area of about 391,750 square metres (4.22 million square feet) and consisting of hotel towers, casinos, entertainment venues, retail space and car parking.
Work is scheduled to start in early 2014 for completion in April 2016.
China State said that since work was to start in 2014, it would classify the project as a project awarded in 2014.
MGM China, one of the three casino subconcessionaires, has taken its time in announcing the main contractor.
“We have finalized a design of the Cotai project and will focus on the commencement of the construction works,” the company said in its 2012 annual results at the time last February.
It broke ground for the project during the same month.
China State has taken part in Macau casino projects before, when as a joint venture partner with Australian contractor Leighton Asia, it worked on a design and build contract on the Wynn Resort casino project from 2004 to 2006.
The company has been on the roll recently, winning new projects.
According to its latest operating results released last week, it recorded new contract value of HK$20.44 billion in the first four months of 2013, representing growth of 89.8 percent year on year and making up 51.1 percent of the 2013 target of not less than HK$40 billion.
New contract awards in Hong Kong accounted for HK$11.1 billion out of the HK$20.44 billion total.