Fashion designer Lagerfeld attached to Macau project

Karl Lagerfeld and a Macau casino operator announced plans Friday for the Chanel designer to create his first hotel. The 270-room Karl Lagerfeld Hotel will open in 2017 in a 20-story tower, according to Lagerfeld and the Sociedade de Jogos de Macau.

"An entire hotel designed by me. It's the first time for me! I think the idea is great," Lagerfeld said in a statement.

The announcement gave no financial details.

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SJM was founded by tycoon Stanley Ho. Macau, the only place in China where gambling is legal, received about $38 billion in gambling revenue in 2012, about six times the revenues of the Las Vegas Strip.

Competition has intensified as rivals including Wynn Resorts and MGM Resorts International opened casinos.

Lagerfeld is chief designer for the Chanel and Fendi fashion houses and also has his own label.