With planned sales of apartments in a section of the Four Seasons Hotel in Macau about to get under way, some legislators are objecting to the sales.

Las Vegas Sands Chairman Sheldon Adelson told the Deutsche Bank 2010 Hospitality and Gaming Conference that company subsidiary Sands China is ready to go.

"We had a problem in the Four Seasons apartment hotel tower," he said. "The building is built and we have model rooms and are ready to sell. We have 70 reservations, but for some political reason, which leaves me unable to explain it in logical details, the Macau government won't let us sell them as condos. But they do now let us sell them as co-ops."

Adelson says the sale of the apartments will be a positive for Sands China.

"If we proceed in selling co-ops, I believe that the future and the perception of our company will change for the better, dramatically," Adelson said. "We want to sell the apartments just to players who lock in their loyalty to where they own their apartment."

But some legislators are objecting because the land was sold to Las Vegas Sands at an attractive rate.

"Venetian acquired this piece of land at an almost negligible cost," said legislator Au Kam San. "If it is allowed to go ahead with the sale of serviced apartments, which will definitely command good prices, it would be a flagrant example of profiteering."

The plan, however, was publicly revealed nearly three years ago. In October 2007, Las Vegas Sands announced that the company had planned to sell these apartments at the luxury resort to be used as vacation retreats.

By GGB Staff

Staff writers for Global Gaming Business magazine. Las Vegas, Nevada.