Vol. 8 No. 7, July 2009, DATELINE ASIA
Las Vegas Sands Set To Resume in Macau
As the worldwide credit freeze begins to thaw, Las Vegas Sands is looking to get back to work on its sidelined $12 billion Cotai Strip development.
LVS Asia President Stephen Weaver told Bloomberg, “There are obviously improving conditions in the capital and financial markets and we intend to take advantage of that as well as we can.”
In recent months Sheldon Adelson, head of LVS, has been talking with potential investors about getting involved in LVS’ existing Macau properties. Now he is looking to raise capital to resume work on the massive Cotai Strip development, and said that he spoke with two construction companies that may invest in the project.
Adelson may have received fresh inspiration from the recent opening of the new Melco property, City of Dreams. The $2.1 billion hotel casino stands adjacent to a section of the interrupted LVS project.
“It’s fabulous; I am impressed,” said Weaver of City of Dreams, upon attending the opening.
Weaver has his own reasons for wishing the competitor property well.
Said Weaver, “The more critical mass there is, it’s very clear that the more people who are attracted to the Cotai Strip.”
Staff writers for Global Gaming Business magazine. Las Vegas, Nevada.