It will be one of the world’s largest buildings

November 16th, 2009

Forget about Las Vegas, we’re flying to China

The US casino operator has announced plans to resume work in January on its multibillion-dollar gambling resorts in Macau after suspending construction last year amid a massive funding crunch. 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 new prospectus, which was recently issued. The company will hire as many as 13,000 workers to finish the construction which is slated for completion in December 2011. The phase, consisting of one of two Sheraton-branded hotel towers and some retail centers, will add hotel rooms and a casino with 670 tables which would open in June 2011. It all sounds like a story out of one of those believe it or not books. As for staying in 6000 room hotel…

The Las Vegas Sands Corporation

The Las Vegas, Nevada-based company owns and operates Resort-Hotel-Casinos in Las Vegas and Eastern Pennsylvania. The company also owns and operates Resort-Hotels in Macau, China. In addition, LVS owns a hotel and is building an integrated resort in Singapore. In Macau the company is planning the development of resort-casino properties in Macau. At completion, the Cotai Strip will feature approximately 21,000 rooms from world-renowned hotel brands such as St. Regis, Sheraton, Shangri-La, Traders, Hilton, Conrad, Fairmont, Raffles, Holiday Inn, and InterContinental.

IPO

This week Sands will seek to raise more than $3.3 billion from an initial public offering of shares in its casino businesses in the southern Chinese enclave, the world’s largest casino market. Executives said that about $500 million will be used to restart construction on the projects. The company plans to hire as many as 12,000 workers after 11,000 jobs were cut as a result of the suspension.

Sheldon Adelson

Sheldon Adelson is an American billionaire businessman. He is a property developer and public company CEO. Adelson is Chairman and Chief Executive Officer of the Las Vegas Sands Corp., the parent company of Venetian Macao Limited which operates The Venetian Resort Hotel Casino and the Sands Expo and Convention Center. Adelson vastly increased his net worth upon the initial public offering of Las Vegas Sands in December 2004 by selling just 10% of the shares. At its peak, Adelson’s estimated wealth was of $26.5 billion, making him the third richest person in the United States according to Forbes for both 2007 and 2008. In the 2009 list, his ranking dropped to #178 with a net worth of $3.4 billion.

What now, Adelson?

Inside the Venetian casino in Las Vegas, past the whirring slot machines, the canals and singing gondoliers, Adelson is plotting the next phase of his company’s expansion. The 76-year-old billionaire is poring over plans for Marina Bay Sands, his new $5.5 billion casino hotel project in Singapore. It’s been a tumultuous year for his group. With markets tumbling following the collapse of Lehman Brothers last September, shares in Las Vegas Sands fell 99 per cent.

This entry was posted on Monday, November 16th, 2009 at 2:00 pm and is filed under Economy, Finance, Personal / Internet. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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