Under the general trend of cultural and 188bet Online Sports Betting and Casino integration，More and more companies with the “cultural 188bet Online Sports Betting and Casino” label appear。

“Current cultural 188bet Online Sports Betting and Casino projects，Travel agency、Hotel、Traditional 188bet Online Sports Betting and Casino companies such as car and boat companies basically do very little，We found，Now doing cultural 188bet Online Sports Betting and Casino projects，Real estate developers are our real competitors。”September 14th，21st Century Economic Report、On the "2018 Asian 188bet Online Sports Betting and Casino Industry Annual Conference" co-sponsored by the School of 188bet Online Sports Betting and Casino and Service of Nankai University，Chen Rong, Chairman of China Travel Group Hong Kong CTS Hotel Co., Ltd. pointed out，“The reason why many real estate developers do cultural 188bet Online Sports Betting and Casino projects，Essentially, we are acquiring land in the name of 188bet Online Sports Betting and Casino，Make money through real estate development，Then support this project。”

In recent years，Under the trend of diversification，Including Wanda、Evergrande、Poly、Shimao、Kaisa、Many real estate companies including Sunac，Entering the cultural 188bet Online Sports Betting and Casino or hotel fields one after another。Although it cannot be generalized as "making quick money"，But some projects are homogeneous、The lack of core competitiveness is an indisputable fact。

At the same time，Real estate developers enter cultural 188bet Online Sports Betting and Casino、The hotel field cannot be completely denied directly，For cultural 188bet Online Sports Betting and Casino and hotel projects，In site selection and land acquisition，Real estate developers may have an advantage over cultural 188bet Online Sports Betting and Casino companies。Once upon a time, OCT also relied on the "188bet Online Sports Betting and Casino + real estate" model to regain its vitality，For hotels、The relationship between cultural 188bet Online Sports Betting and Casino projects and real estate companies，How to master balance is a question that every entrant needs to think about。

The "hidden door" of the 188bet Online Sports Betting and Casino

As a functional space attached to the land，Both hotel projects and cultural 188bet Online Sports Betting and Casino projects require land as support。Especially for cultural 188bet Online Sports Betting and Casino projects，Site selection is particularly important，was even ranked first by Chen Rong in the success factors of cultural 188bet Online Sports Betting and Casino projects。

Land is the first step for cultural 188bet Online Sports Betting and Casino projects，In first-tier cities，Because land is scarce，There is difficulty in obtaining land、High cost and other issues。But even boutique hotels in remote areas may have land issues。

Chairman of Songzan Group、Pema Dorje, founder of Songtsan Boutique Mountain Residence, said，In the process of selecting a location for the hotel，He opened the "first secret door"。

“Everyone’s understanding of the Sichuan-Tibet region may be superficial，In fact, 188bet Online Sports Betting and Casino needs to be obtained through extremely hard work。"Pema Dorje back then also thought，Working on a hotel project on the Sichuan-Tibet line，There is no problem of high cost or scarcity of 188bet Online Sports Betting and Casino，And the local government officials who accompanied Pema Dorje to site selection also told him，The places he chooses are places that others will not look at。

But it wasn’t until the actual purchase of 188bet Online Sports Betting and Casino that I discovered that 188bet Online Sports Betting and Casino was not cheap.

“About 1,000 yuan per square meter，But in the end the floor area ratio can definitely only be 0.2-0.3，High floor area ratio is impossible，So this account can be calculated。” Pema Dorje said。

Perhaps the floor area ratio problem faced by Pema Dorje and Songtsan Boutique Mountain Residence is for most cultural 188bet Online Sports Betting and Casino companies located in first- and second-tier cities、None of the hotel projects exist，But it still needs to be considered，As high-quality land resources become increasingly scarce，How to realize land value through operation and management in stock space。

"To be honest，What most real estate companies do，Or use property sales as investment。" said Zhao Yunfei, assistant general manager of the Innovation Strategy Development Department of Jinmao (China) Hotel Investment Management Co., Ltd.，On the one hand，Cultural 188bet Online Sports Betting and Casino projects are inseparable from hotels，On the other hand，In fact, regarding the conditions for obtaining land，The agreement with the government is relatively clear，Such as the size of a hotel、Grade, etc.。I am not able to determine what type of boutique hotel to invest in in the early stage，More real estate indicators are pushing us，Or it is required by the government。

He pointed out，Cultural 188bet Online Sports Betting and Casino projects are just one of the projects that China Jinmao is involved in as a city operator，Also invest in other types。For example, China Jinmao Nanjing Tangshan Project，In fact, it is not strictly a cultural 188bet Online Sports Betting and Casino project，It is a health and senior care industry project relying on hotels and local resources。On sales，This project may not sell hotel rooms，But packaged products，The desired goal in the future is to use guest rooms as accessories。

“The profitability of large and comprehensive five-star hotels is relatively weak，So we currently consider more about the return on investment in 188bet Online Sports Betting and Casino。" Zhao Yunfei said。

Can cultural 188bet Online Sports Betting and Casino projects make money without relying on real estate?

Chen Rong pointed out，Cultural 188bet Online Sports Betting and Casino projects that make quick money through real estate sales and slow money through operations，The investment logic is different。Cultural 188bet Online Sports Betting and Casino projects require superb operational capabilities and capital operation capabilities。Nowadays, companies generally focus on product development，There are very few truly successful operators。“So the cultural 188bet Online Sports Betting and Casino project itself has to make money，The cultural 188bet Online Sports Betting and Casino project itself does not make money，Earned by real estate subsidies，There is no sustainability in the long run。”

But it cannot be denied，In the short term，Immature cultural 188bet Online Sports Betting and Casino projects still need “feedback” from real estate，It takes time to find a suitable operating model。

OCT can be regarded as the leader of the “188bet Online Sports Betting and Casino + real estate” model。Introduced by Wang Gang, Dean of the 188bet Online Sports Betting and Casino Research Institute of OCT Group Co., Ltd.，around 1995，OCT’s “starting” project—“Splendid China”、“Chinese Folk Culture Village” and “Window of the World” have encountered some situations。

“At that time, it was more of an ornamental scenic spot，Participatory、Insufficient penetration，So we hired an international planner to plan the Happy Valley theme park。"Wang Gang said，Happy Valley can be regarded as the first contemporary theme park in China，But we encountered two problems when building Happy Valley: First, the bottleneck of funds。Although it was already on the market，But the financing ability is weak，Because of 188bet Online Sports Betting and Casino companies、The growth of tourist attractions is not good，Profitability is not good either。

Later，OCT proposed the idea of ​​bundling parks and real estate development，By building real estate、Profits from community projects feed back into the theme park。The “188bet Online Sports Betting and Casino + real estate” business model allows OCT to solve its funding problem，At the same time, it also solves the business model problem of industrial development，Only then can we enter the tourist resort market，And in recent years, it has proposed a new strategic positioning of culture + 188bet Online Sports Betting and Casino + urbanization。

In terms of hotel projects，Tang Ming, President of Shimao Hotels and Resorts, pointed out，The real money-making hotels are not in the complex，Basically a single unit，But it is true that many projects in the future will be combined with cultural 188bet Online Sports Betting and Casino。Because Shimao itself has a theme park company，So many projects are still in tourist destinations。

Zhao Yunfei also pointed out，Cultural 188bet Online Sports Betting and Casino projects are not just hotel projects，In many cases, profitability indicators cannot be examined alone，More importantly, it needs to cooperate with the entire cultural 188bet Online Sports Betting and Casino project，Cooperate with other business formats，includes business、Performing Arts、Elderly Care、Residences and other series need to be packaged together。For different projects，Including cultural 188bet Online Sports Betting and Casino projects such as heavy IP theme parks，Maybe the IP requirements for hotels will be very high。

*Source of this article: 21st Century Economic Report, author：Yang Yueqi，Original title：《Cultural 188bet Online Sports Betting and Casino projects and real estate: when to “feed back”，When to be "independent"？》.