BIZ BUZZ: New destination rising at Entertainment City?

What’s this we hear that a new player is coming to town to give Solaire, City of Dreams and Okada a run for their money?

Indeed, industry sources are buzzing about the possibility that Ferronoux Holdings Inc., currently a dormant company, is reinventing itself to become a major presence within the crowded Entertainment City.

Word is that the company has already acquired a 9.4-hectare property right next to Okada.

This was supposed to have been executed through a property-for-share transaction where Ferronoux acquired the land in exchange for the issuance of common shares to Eagle 1 Landholdings Inc., a subsidiary of Okada owner Universal Entertainment Corp.

With the purchase, Ferronoux can then pursue its ambitious plan to transform the tract of land into a bustling entertainment and commercial district complete with shopping and dining spots and even large-scale venues for concerts and sports events.

Now how will Ferronoux bankroll its grand plans?

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Well, it has reportedly secured fresh capital from a group of investors aside from Eagle 1. It is also said to be actively courting joint venture partners willing to place their bets on this new venture.

Ferronoux is confident that with strong partners in place, the bright prospects of the tourism industry and the ideal location of the property, chances are great that its big bet will eventually pay off.