Hong Kong-listed Ying Hai Group Holdings has announced it has entered into an agreement to provide management services to the Waldo Hotel in Macau.
Officially opened in 2004, the Waldo Hotel contains a casino, 160 rooms and suites, as well as seafood restaurants, spa, sauna and casino.
The company will provide management services to the hotel and its facilities with the exclusion of the casino from June 17, 2021 to June 26, 2024.
Mr. Choi Wai Chan, Chairman, Chief Executive Officer and Executive Director of the Group said: “The Pandemic caused a serious blow to the travel industry of Macau and the overall income of Macau’s travel industry has substantially scaled down. Therefore, the Group’s revenue performance is also inevitably affected. By entering into the Agreement with one of our suppliers, Waldo Hotel Limited, we expect that the Group can generate a stable income from the business, in order to improve its competitiveness of the industry chain which the Group has deployed over the past years. Meanwhile, the Group will continue to actively explore other development opportunities to strengthen its current market leading position.”