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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.
In Wednesday's filing the group said the hotel has been actively planning for other entertainment and amusement facilities.
"Given that the relevant area is planned to undergo renovation and redevelopment, the Precious Metal that were originally part of the hotel's interior design and outfits are no longer relevant to the theme of the hotel in the future," the firm said.
The sale of "a number of gold bricks weighing 79 kg in total" for $12.8 million would "strengthen the Group's financial position and enable it to invest should suitable investment opportunities arise", it said.
Other well-known features in the Grand Emperor include an antique gold carriage, which "exhibits the fine craftsmanship of 18th-century Europe", according to the hotel's website.
