SEARCH NEWS:

 

LV Sands May Spend $2.75 Billion in Macau

LAS VEGAS – As reported by the Bloomberg News: "Las Vegas Sands Corp., which opened the $265 million Sands Macau in 2004, may spend about $2.75 billion to build a casino resort and finance the development of three hotels in Macau, Chief Executive Sheldon Adelson said.

"The company originally planned to finance two hotels along the Cotai Strip, a 200-acre area Adelson says will become the Las Vegas Strip of Asia.

"Macau, a Chinese territory that ended a 42-year monopoly for casino owner Stanley Ho in 2002, surpassed Atlantic City to become the world's No. 2 casino market last year. Las Vegas Sands wants to own more of the hotels to enjoy a greater share of the market's growth, Adelson said in an interview.

"…Las Vegas Sands, which owns the Venetian casino in Las Vegas, will invest $1.8 billion to build a Venetian casino resort in Macau, about $200 million for a luxury hotel operated by Four Season Hotels Inc. and about $400 million each for two other hotels, Adelson said. He said he eventually wants the Cotai Strip to consist of 20 hotels with a total of 60,000 rooms, about equal to the number of rooms on the Las Vegas Strip.

"…Adelson said he expects no difficulties securing financing for the Macau project…"

< Gaming News