(Photo : The Versace boutique in Milan, Italy.)

Italian global fashion giant Gianni Versace SpA is designing a luxury hotel in the world's gambling capital, Macau, as the Chinese territory aims to further attract wealthy patrons from the mainland, persons close to the project revealed.

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Versace has been hired by SJM Holdings, the biggest casino operator in Macau, to design a hotel that would exude luxury and style in order to attract rich Chinese who are looking for life's luxuries. SJM is controlled by the family of Macau mogul Stanley Ho.

A statement from SJM said the company chose to partner with Versace, which is known for its luxury bags and accessories, to design the luxury hotel in order to compete aggressively with rivals that are also planning to further expand in Macau. SJM competes with Nevada-based Las Vegas Sands, Wynn Resorts, and MGM Resorts International in Macau.

$3.22 Billion Hotel Investment

The hotel that Versace is designing will be named Palazzo Versace and will be built with a $3.22 billion investment, said chairman Ambrose So. The project is expected to start operating in 2017.

The tower will feature about 270 luxurious rooms, a spa, indoor and outdoor pools and dining and retail space.

The Palazzo Versace is just one of the various components of SJM's new casino-resort project in Cotai aera. The enormous resort will have 700 gambling tables and 2,000 hotel rooms, SJM revealed.

Luxury hotels and casino are racing to further expand in Macau due to the Chinese territory's reputation as the world's gambling capital. In fact, Macau's gambling revenue is six times higher than the gambling revenue of the Last Vegas Strip in the United States.

According to a report by the wall Street Journal, the Palazzo Versace Hotel in Macau will be the third Palazzo Versace project of the Italian fashion house. Versace is also designing Palazzo Versace hotels in Australia and in Dubai.