The Wall Street Journal-20080202-ESun Holdings Ltd-- Cyber One Affiliate Sells Stake in Macau Operations

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ESun Holdings Ltd.: Cyber One Affiliate Sells Stake in Macau Operations

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ESun Holdings Ltd. said Friday its 40%-owned Cyber One Agents Ltd. sold a 25% stake in the first phase of the retail operations of its Macau Studio City casino resort to U.S.-based retail mall developer Taubman Centers Inc. for 424 million Hong Kong dollars (US$54.4 million). ESun said the first phase of the retail operations at Macau Studio City, which it is building in Macau's Cotai area, will have a gross floor area of 904,000 square feet. Macau Studio City and Taubman last year said they would jointly develop the retail space of the resort. Hong Kong-listed eSun said it expects to book a disposal gain of HK$126 million from the stake sale. The first phase of the whole casino resort, which is scheduled to be completed next year, will have a gross floor area totaling 3.7 million square feet, with 200,000 square feet set aside for gambling, Macau Studio City said earlier. The first phase will have 2,000 hotel rooms, it said. Cyber One is also 40%-owned by U.S.-based New Cotai LLC.