SCMP Group said it will acquire lifestyle publisher Destination Macau Limited from Ignite Media Group, giving the Hong Kong group a key to enter the worldâ€™s fastest growing gaming market.
Macau surpassed Las Vegasâ€™ total gaming revenue in 2013 by seven times and is tipped to continue its accelerating pace of growth.
This is underpinned by its status as a tourism hub for Chinaâ€™s rapidly expanding middle class, whose consumption demand has prompted a doubling of Macauâ€™s hotel rooms in the next five years. This is all on top of more than US$8 billion worth of retail sales in 2013.
Destination Macau Limited publishes two titles – luxury lifestyle title Destination Macau and ultra high-end magazine DM Exclusive in English and Simplified Chinese.
Destination Macau Limited also operates a custom publishing business to cater to the content marketing needs of luxury brands and retailers.
SCMP Groupâ€™s growing portfolio of magazines already includes Cosmopolitan, Elle, Esquire, Harperâ€™s Bazaar, PEAK and STYLE.
â€śThe combination of Destination Macauâ€™s high quality content, and its native base of affluent readers from Macau, China and the world makes this acquisition a perfect fit into the SCMP Groupâ€™s family of luxury titles, and adds to an even more formidable offering to our network of top tier advertisersâ€ť, said Elsie Cheung, chief operating officer of SCMP Group.
Destination Macau Limited SCMP Groupâ€™s management from late March onwards.