Macau hotel rips up trademark gold bricks for $13 million payoff
The Peninsula
Macau: The Grand Emperor Hotel in Macau said it had ripped up the real gold bricks from its distinctive lobby floor and sold them for around $13 milli...
Macau: The Grand Emperor Hotel in Macau said it had ripped up the real gold bricks from its distinctive lobby floor and sold them for around $13 million, cashing in on the metal's market surge.
Opened in 2006, the hotel was known for its opulent "golden pathway", showcasing dozens of one-kilogram bars of gold studded into its entrance hall floor.
The feature had aimed "to create a sumptuous and resplendent atmosphere", the hotel's parent company said in a filing Wednesday.
But with the price of gold leaping in recent months as investors seek safe havens in turbulent geopolitical times, the company said it had recognised "a good opportunity".
The decision to sell the bricks was linked to a revamping of the hotel's facilities, said the company, Emperor Entertainment Hotel Limited.
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