The British government has given the go-ahead for a $1.2 billion project backed by Nomura International PLC to redevelop London's Millennium Dome into an urban entertainment resort, the company said Thursday.
Nomura International, a subsidiary of Nomura Securities Co., has underwritten around 400 million British pounds ($606 million) to support Dome Europe PLC's plans to take over the dome from January and radically revitalize the area, Dome Europe said.
Dome Europe, created by Nomura International in order to bid for the redevelopment project, says it expects other development partners to spend a further 400 million pounds on the surrounding site.
Guy Hands, managing director of Nomura International's Principal Finance Group, said Dome Europe came first out of 70 competitors who took part in the bidding.
The goal of Dome Europe, Hands said, is to provide a first-class urban entertainment resort that will feature new hotel developments, housing and high-tech offices, theme restaurants and plenty of high-tech interactive entertainment.
The Millennium Dome, a 760 million pound government-financed project, opened in Greenwich on the south bank of the River Thames on New Year's Eve as a new symbol of British culture and science.
The number of visitors, however, has been far below original expectations. People are apparently driven away by the lack of entertainment attractions.