CasinoCityTimes.com

Gurus
News
Newsletter
Search News Subscribe
Stay informed with the
NEW Casino City Times newsletter!
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!
Related Links
 

LV Sands May Spend $2.75 Billion in Macau

10 June 2005

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