Las Vegas Sands

macau-invest · April 2nd, 2009, 12:07 PM

Sands looks to resume Macau construction this year
Las Vegas Sands looks to resume work on stalled Macau resorts this year, exec says
Thursday April 2, 2009, 5:58 am EDT
Buzz up! Print Related:Las Vegas Sands Corp.
HONG KONG (AP) -- Struggling casino giant Las Vegas Sands Corp. hopes to resume construction on its stalled multibillion-dollar mega resorts in the Chinese gambling city of Macau later this year, a top executive said Thursday.

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LVS 3.74 0.00

{"s" : "lvs","k" : "c10,l10,p20,t10","o" : "","j" : ""} The company was in early discussions about financing the rest of its work on the projects along Macau's Cotai Strip, said Stephen Weaver, president of Sands' operations in Asia. He didn't identify the potential lenders.

"We're certainly looking to resume in this calendar year," Weaver told reporters in Hong Kong. "Our imperative is to get the construction workers back to work as quickly as we can."

A massive cash crunch forced Sands to halt construction on the projects in November and lay off as many as 11,000 workers, many employed by contractors and subcontractors.

The Macau sites, including hotel towers and three casinos, could cost another $2 billion, the company has estimated.

The Marina Bay Sands in Singapore is among the few sites that Sands has continued work on since the credit crisis and falling revenues in Las Vegas threw its financing into turmoil.

The $5.4 billion project is set to open in staggered phases around the end of the year, fully opening sometime next year, Sands executives say.

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FourSeasons · April 2nd, 2009, 04:45 PM

SHOW ME THE MONEY!!!

FourSeasons · April 3rd, 2009, 05:02 AM

By Carmen Ng

April 2 (Bloomberg) -- Las Vegas Sands Corp., controlled by billionaire Sheldon Adelson, said it may resume building in Macau this calendar year on optimism casino revenue is picking up. The shares gained 18 percent.

“We have to get construction back to work as quickly as possible,” Stephen Weaver, Asian regional president, told reporters at a briefing in Hong Kong today. Hong Kong, Macau and Singapore are still “very privileged” locations for the resort business in the long term, he added.

Las Vegas Sands, which lost 94 percent of its market value last year as gamblers stayed away from casinos in Las Vegas and Macau, suspended construction in both cities in November to finance the Singapore resort and a casino in Bethlehem, Pennsylvania. Government officials from Guangdong, Macau and Hong Kong met in February to discuss easing visa controls after China restricted travel by its residents to Macau early last year to curb gambling.

Las Vegas Sands rose 66 cents to $4.40 in New York Stock Exchange composite trading. The shares advanced 24 percent yesterday.

Macau’s gross casino revenue dropped 6 percent last month to 9.5 billion patacas ($1.2 billion) from a year earlier, the Portuguese news agency Lusa reported. That compared with a 15.5 percent decline in February and a 17 percent fall in January.

Las Vegas Sands is on schedule to open its Singapore casino at the end of 2009 in a “fully funded” position, Weaver said. Rental prices at the retail component of Marina Bay Sands, the Singapore resort now under construction, have been “pulled down to adjust to the market,” he said.

Singapore is counting on the Sands resort and a competing project by Genting International Plc to help the city-state achieve a goal of luring 17 million visitors and tripling annual tourism revenue to S$30 billion ($20 billion) by 2015.

To contact the reporter on this story: Carmen Ng in Hong Kong at cng98@bloomberg.net.

Gwo Loo Waan · April 3rd, 2009, 08:18 AM

Just bullshit to feed the press and the shareholders.

HereAndThere · May 12th, 2009, 04:59 PM

http://finance.yahoo.com/news/Analys...5550.html?.v=1

The analyst anticipates the company may sell its Asian retail malls; sell condominiums at the Four Seasons Apartment or try to sell sites 5 and 6. The sites on the Cotai Strip include a Shangri-La/Traders hotel tower, a Sheraton hotel tower and three casinos.

He predicts that the potential sales could happen within the next three months.

One property unlikely to be considered for a sale is the Sands Macao casino resort, according to Greff.

"We don't think a sale of Sands Macao or a sale-leaseback of Sands Macao is likely," he wrote in a client note.

April 2nd, 2009, 12:07 PM	#1
macau-invest Registered User Join Date: Apr 2008 Posts: 167	Sands looks to resume Macau construction this year Sands looks to resume Macau construction this year Las Vegas Sands looks to resume work on stalled Macau resorts this year, exec says Thursday April 2, 2009, 5:58 am EDT Buzz up! Print Related:Las Vegas Sands Corp. HONG KONG (AP) -- Struggling casino giant Las Vegas Sands Corp. hopes to resume construction on its stalled multibillion-dollar mega resorts in the Chinese gambling city of Macau later this year, a top executive said Thursday. Related Quotes Symbol Price Change LVS 3.74 0.00 {"s" : "lvs","k" : "c10,l10,p20,t10","o" : "","j" : ""} The company was in early discussions about financing the rest of its work on the projects along Macau's Cotai Strip, said Stephen Weaver, president of Sands' operations in Asia. He didn't identify the potential lenders. "We're certainly looking to resume in this calendar year," Weaver told reporters in Hong Kong. "Our imperative is to get the construction workers back to work as quickly as we can." A massive cash crunch forced Sands to halt construction on the projects in November and lay off as many as 11,000 workers, many employed by contractors and subcontractors. The Macau sites, including hotel towers and three casinos, could cost another $2 billion, the company has estimated. The Marina Bay Sands in Singapore is among the few sites that Sands has continued work on since the credit crisis and falling revenues in Las Vegas threw its financing into turmoil. The $5.4 billion project is set to open in staggered phases around the end of the year, fully opening sometime next year, Sands executives say. EmailIM Bookmarkdel.icio.usDigg Buzz up!

April 3rd, 2009, 05:02 AM	#3
FourSeasons Registered User Join Date: Sep 2007 Posts: 434	Las Vegas Sands May Resume Macau Work; Shares Rise By Carmen Ng April 2 (Bloomberg) -- Las Vegas Sands Corp., controlled by billionaire Sheldon Adelson, said it may resume building in Macau this calendar year on optimism casino revenue is picking up. The shares gained 18 percent. “We have to get construction back to work as quickly as possible,” Stephen Weaver, Asian regional president, told reporters at a briefing in Hong Kong today. Hong Kong, Macau and Singapore are still “very privileged” locations for the resort business in the long term, he added. Las Vegas Sands, which lost 94 percent of its market value last year as gamblers stayed away from casinos in Las Vegas and Macau, suspended construction in both cities in November to finance the Singapore resort and a casino in Bethlehem, Pennsylvania. Government officials from Guangdong, Macau and Hong Kong met in February to discuss easing visa controls after China restricted travel by its residents to Macau early last year to curb gambling. Las Vegas Sands rose 66 cents to $4.40 in New York Stock Exchange composite trading. The shares advanced 24 percent yesterday. Macau’s gross casino revenue dropped 6 percent last month to 9.5 billion patacas ($1.2 billion) from a year earlier, the Portuguese news agency Lusa reported. That compared with a 15.5 percent decline in February and a 17 percent fall in January. Las Vegas Sands is on schedule to open its Singapore casino at the end of 2009 in a “fully funded” position, Weaver said. Rental prices at the retail component of Marina Bay Sands, the Singapore resort now under construction, have been “pulled down to adjust to the market,” he said. Singapore is counting on the Sands resort and a competing project by Genting International Plc to help the city-state achieve a goal of luring 17 million visitors and tripling annual tourism revenue to S$30 billion ($20 billion) by 2015. To contact the reporter on this story: Carmen Ng in Hong Kong at cng98@bloomberg.net.

May 12th, 2009, 04:59 PM	#5
HereAndThere Registered User Join Date: Sep 2008 Posts: 68	Update on LVS sales or not http://finance.yahoo.com/news/Analys...5550.html?.v=1 The analyst anticipates the company may sell its Asian retail malls; sell condominiums at the Four Seasons Apartment or try to sell sites 5 and 6. The sites on the Cotai Strip include a Shangri-La/Traders hotel tower, a Sheraton hotel tower and three casinos. He predicts that the potential sales could happen within the next three months. One property unlikely to be considered for a sale is the Sands Macao casino resort, according to Greff. "We don't think a sale of Sands Macao or a sale-leaseback of Sands Macao is likely," he wrote in a client note.

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April 2nd, 2009, 04:45 PM	#2
FourSeasons Registered User Join Date: Sep 2007 Posts: 434	SHOW ME THE MONEY!!!

April 3rd, 2009, 08:18 AM	#4
Gwo Loo Waan BANNED Join Date: Feb 2009 Posts: 835	Just bullshit to feed the press and the shareholders.