The Grand Emperor Hotel in Macao has announced the sale of the real gold bricks that were famously embedded in its lobby floor, cashing in on a recent market surge for the precious metal.
On Wednesday, the Hong Kong-based parent company, Emperor Entertainment Hotel Limited, filed notice that it had sold the gold for HK$99.7 million (US$12.8 million). The news was reported by Macau Post Daily.
Since its opening in 2006, the hotel has been celebrated for its opulent “golden pathway,” a feature designed “to create a sumptuous and resplendent atmosphere.” This memorable feature showcased dozens of one-kilogram bars of gold, studded into the floor in protective casing.
[See more: Gold is breaking historical records. What can Macao’s history with bullion tell us about its appeal?]
However, the company realised “a good opportunity” to sell the bricks, which weighed 79 kilograms in total, as gold prices have been leaping due to investors seeking safe havens amid turbulent geopolitical times. The proceeds from the sale are intended to “strengthen the Group’s financial position” and “enable it to invest should suitable investment opportunities arise.”
The removal of the metal is also connected to a wider revamping of the hotel’s facilities, Macau Post Daily said. In a filing, the firm explained that the precious metal was “no longer relevant to the theme of the hotel in the future,” as the area where it was located is due to undergo renovation and redevelopment.
The Grand Emperor has been actively planning for new amusement and entertainment facilities since the closure of its on-premises satellite casino last October. That closure followed a government directive for all satellite casinos – third-party operations formally owned by one of Macao’s six gaming concessionaires – to cease operations by 31 December, 2025.
