LJ International announced that its ENZO retail division will open a second Macau retail outlet, to be located at The Venetian Macau, a 3,000-room resort hotel being built by Las Vegas Sands Corporation.
The Venetian Macau, a 10.5 million square-foot hotel being built at a cost of $1.8 billion, is part of the Las Vegas Sands' massive new development in the Cotai Strip area of Macau. It is due to open by next summer and is expected to be in full operation by summer 2008. The overall Cotai Strip project is designed to be the centerpiece of Macau tourism, with 16,000 guest rooms, world-class meeting and convention facilities, over 20,000 seats for live entertainment and two million square feet of retail venues.
LJI Chairman and CEO Yu Chuan Yih said, "The boom in Macau presents a huge opportunity for retailers such as ENZO, and we are pleased that ENZO stores will soon occupy not just one but two of the most desirable Macau locations. With our Fisherman's Wharf megastore expected to be in full operation during this year, the addition of a major new outlet at the Venetian — expected to be one of the area's most desired lodgings — will place ENZO in a prime position to take full advantage of Macau's expected growth in tourism, gaming and shopping."
In 2004, Macau passed Atlantic City to become the world's second largest gaming market, and it experienced a 16.1% average annual growth rate in visitors between 2000 and 2004. According to the Pacific Asia Travel Association (PATA), Macau's annual visitor arrivals are expected to increase from 16.7 million in 2004 to 23.6 million in 2007.