SCMP Group buys out Destination Macau

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 world’s fastest growing gaming market. Macau surpassed Las Vegas’ 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 China’s rapidly expanding middle class, whose consumption demand has prompted a doubling of Macau’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 Group’s growing portfolio of magazines already includes Cosmopolitan, Elle, Esquire, Harper’s Bazaar, PEAK and STYLE.“The combination of Destination Macau’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 Group’s family of luxury titles, and adds to an even more formidable offering to our network of top tier advertisers”, said Elsie Cheung, chief operating officer of SCMP Group. Destination Macau Limited SCMP Group’s management from late March onwards.