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Monday, November 16, 2009

Sands to Open Macau Resort by 2011, Rooms to Triple

Sands China Ltd., the casino company seeking to raise as much as $5.15 billion, will open most of its stalled resort in Macau by December 2011, almost tripling its hotel rooms in the world’s biggest gambling hub.

The project, an extension to the Venetian Macao, the world’s biggest casino, is a “quantum leap for Macau” as Las Vegas Sands Corp. bets that more convention space, hotel beds and shopping malls will entice visitors to prolong their stay in Macau

Chairman Sheldon Adelson is seeking to raise as much as HK$26 billion ($3.4 billion) in what could be Hong Kong’s second-biggest initial public offering this year. The offer, together with a separate $1.75 billion in bank financing, would help the Macau subsidiary restart the 13.3 million square foot resort that has been halted since November last year after credit markets seized up and revenue dwindled.

Sands China could restart construction on the sites known as parcels 5 and 6 on the Cotai Strip in Macau as early as January, Steve Jacobs, Chief Executive of Sands China, said in an earlier briefing. Adelson stopped construction on the two- thirds-built structures last year as credit markets froze, revenue growth slowed and the risk of loan defaults swelled.

Sands China, which has the second-biggest market share in Macau, will hire as many as 13,000 workers to finish the construction, Leven said.

The company will open the second part of the project by December 2011, Leven said. The phase, consisting of one of two Sheraton-branded hotel towers and some retail centers, will add to the 3,700 hotel rooms and a casino with 670 tables which would open in June 2011.

The project will add 6,000 hotel rooms for Sands China in Macau, compared with 3,554 it had as of June 30, according to the prospectus.

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