Fosun International, Sun City to build $1.6 Bln resort on Hainan

Chinese conglomerate Fosun International Ltd and South Africa's Sun City casino king plan to build a $1.6 billion resort on China's Hainan. The island has been touted as a place where China could liberalise casino gambling and has attracted international developers such as InterContinental, Starwood, MGM Resorts and Caesars Entertainment in recent years, Reuters reported. The Atlantis brand hotel in southern coastal city Sanya that Fosun will jointly develop with tycoon Sol Kerzner's company, will not include a casino.