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Las Vegas Sands Corp. Message Board

  • southeast.asia@rocketmail.com southeast.asia Jan 23, 2013 1:17 PM Flag

    Cotai Central Phases and Phrases

    Looking across the street from the Venetian (the largest casino in the world) on the Cotai Strip you’ll see Sanda Cotai Central (SCC) with its three 39-story hotel towers. The tower on the left, closest City of Dreams (COD) is a Holiday Inn (the largest Holiday Inn in the world) with 1,224 rooms and suites. There’s also a Conrad hotel (the largest Conrad in the world) with 636 rooms. The opening of these hotels in tower 1 and the Himalaya casino on 4/11/2012 completed Phase I of SCC.

    The middle tower, tower 2 or the Sky tower, with the big Sheraton S logo is indeed a Sheraton with approximately 2,000 rooms and suites (the largest Sheraton the world) opened as Phase IIA with the Pacifica casino on 9/20/2012.

    Tower 3 or the Earth tower is also the Sheraton and has an additional 2,000 rooms. Its opening is imminent (1/28/2013 I think) given the fire drill tests, travel agent reviews and Chinese New Year beginning February 10, 2013. Its opening will complete Phase IIB.

    Not to be forgotten with all the press about building a miniature Eiffel Tower, is Phase III which is actually to the left of tower 1 (so I guess tower 0) and which is only the stub of a tower (the largest stub of a hotel tower above a casino in the world) currently.

    SEA

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    • Phase III was included in the original design and was in all artists' renditions prior to late 2008 when all of cotai central was suspended during the recession, the emergency IPO, and Bill Weidner's demise.

      Once construction re-started, Cotai Central was slow to get going as labor was scarce and, unlike Galaxy, which continued with 'slow' construction during the recession, Cotai Central had to re-hire construction labor from scratch and has been completing cotai central thru phase IIB with thousands fewer workers than the pre-2009 construction staff had. That's the reason for the long timeline and that's the reason for the "phased" opening of CC.

      Re: phase III... the reason why it was excluded from the design following the C.C. restart was because Sands had several irons in the fire and poor finances coming out of the recession. Parisian was close to finalizing design and Sands thought they could start building right away there given that lot 3 was already gazetted. Sands also still thought they had parcels 7 and 8 and nobody knew when laws might change in Korea and Japan.

      We need to remember that once gazetted, Macau lots have a time limit for development. Since Cotai Central would not be on a time-clock with phases 1 and 2 done, Sands had to focus on the other lots that WOULD have time-limits for construction. That's why phase III was expendable.

      Fast Forwarding to 2013, parcels 7 and 8 are now out of the picture and with MGM and Wynn now approved for cotai, Parisian may still be months from getting it's design approval. With nothing in the development pipeline beyond CC phase IIB, phase III may well be back on the front burner because it's approval process is minimal. Similarly, Adelson had mentioned another retail development option on an inter-lot chunk of square-footage as well. No word on that piece of property behind Marina Bay... even though it's adjacent to MBS, there were well over a dozen entities that were applying for ownership of it.

      Spok

 
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