Las Vegas Sands (LVS) Defends Position On Land
While labor shortages continue to affect Las Vegas Sands Corp’s (LVS: 47.15 -2.72%) Macau subsidiary Sands China from reviving a stalled $4 billion expansion project on the Cotai Strip, a rival casino operator looks to take over their land.
SJM Holdings Ltd, owned by Stanley Ho has requested ownership of parcels 7 and 8 neighboring Sands China’s current expansion project on parcels 5 and 6 that is facing a delayed opening until late 2011.
While Sands China has not been given official ownership of the sites they have been permitted to begin pre-construction work on the site and has invested approximately $100 million into the property.
SJM Chief Executive Ambrose So said that they have expressed their interest in obtaining the underdeveloped land in accordance with the government’s earlier position that developers would not be permitted to hold onto unutilized property.
Mike Leven, acting chief executive of Sands China responded by saying they would “defend” their positions on the site if needed, however they did not have “an extraordinary level of concern” noting that they have not received any official notification from the government that the request would be considered.
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