Construction on Sands Macau To Restart Mid 2010
Chairman Sheldon Adelson of Las Vegas Sands (LVS: 19.50 +1.14%) says he anticipates construction on the company’s stalled Macau project to restart in about five months.
The casino operator had halted development on the Cotai Strip in November 2008 after the credit market froze and revenue growth slowed due to the global economic downturn. Instead the company decided to focus its resources on continuing development in Singapore.
Sands China Ltd., Sands Macau subsidiary raised $2.5 billion U.S.D with their initial public offering on the Hong Kong Stock Exchange last month.
The proceeds from the IPO are being used to complete the first two phases, parcel 5 and 6 of the Cotai Strip.
Phase 1 consisting of one of the two Sheraton branded hotel towers and retail centers as well as a casino housing 670 tables is expected to be opened by June 2011 and Phase 2 by December 2011.
The Mega resort maybe one of the most expansive and debt heavy projects assumed by the company.
The stalled project to turn the Cotai Strip into the next Las Vegas is estimated to cost the gaming company $500 million to revive.
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