In this regard, the Board is currently reviewing potential projects. The Group has hired consultants, who have considerable experience and knowledge in the Macau property market, to research these opportunities.
For 2006, Macau realized a GDP increase of 16.6% from the previous year for a total of US$14.3 billion. The number of visitors to Macau in 2006 was over 22 million, representing a 17% increase when compared to 2005. Much of this increase was due to the rapid expansion of Macau's gaming industry, which has already overtaken Atlantic City and is fast becoming the Las Vegas of Asia. It is the only place in China where casino gambling is legal and, according to the territory, realized US$6.95 billion in gambling revenue last year. The Las Vegas Sands, MGM Mirage and Wynn Resorts have already begun to enter Macau's fast growing casino market.
Sun Innovation believes that the swift development of Macau's tourism and leisure industries will result in a robust growth within the property sector of Macau. Accordingly, the Group is exploring several potential property investment opportunities in order to enter this exciting new market.
Michele Matsuda, Chairman and Chief Executive Officer, said, “Going forward, we are actively pursuing property investments in this booming Chinese territory. We believe entering Macau's vibrant real estate market will create value and long-term growth for the Group, particularly given Macau's newly recognized status as a luxury, world class resort destination for entertainment.” Mr. Matsuda concluded, “For these reasons, we expect our future initiatives to result in significant year-over-year company growth and stock performance. We look forward to updating our shareholders and the investment community in the very near future on our new endeavors.”
About Sun Innovation Holdings Ltd.
Sun Innovation Holdings Ltd. is a Hong Kong-based multinational conglomerate, with property investments, entertainment media business, and media shopping services as its main businesses. Sun Innovation Holdings Ltd. operates in Hong Kong, Macau, Mainland China, Japan, and Hawaii and is listed on the Main Board of the Hong Kong Stock Exchange (stock code: 547).