The Condos which if I remember correctly are Co-op's not Condos
LVS stated in its 2010 filing: “The company has entered into agreements with Starwood and Shangri-La to manage hotels and serviced luxury apart-hotel units on the company’s Cotai Strip parcels 5 and 6, and for Starwood to brand the St. Regis Residences in connection with the sales and marketing of these condominium units.”
LVS and Sands China Ltd are already sitting on many hundreds of millions of dollars of unexploited Macau real estate in its Four Seasons apartments units across the road from Sands Cotai Central. That’s because the Macau government has not so far given the firms permission to sell to investors legal title to use those apartments.
Union Gaming Research Macau said in a report in June last year that the sale of title to the Four Seasons apartments could realise as much as US$900 million net of development costs and pre-tax.
If Sands does seek and is granted a time extension on Sands Cotai Central, it will be the third time it has successfully asked for more time on Cotai projects. LVS was first given an extension on the Cotai Parcel 3 site next door to Four Seasons in 2009. That year the deadline was pushed forward to April 2013.
The most recent Parcel 3 completion extension was granted in July last year. It mandated that The Parisian must be finished by April 2016.
Parcel 3 is now known as The Parisian, after the US$2.7 billion French-themed resort planned for it.
In the year ended December 31 2012, Sands China did write down US$100.7 million in land preparation costs after it finally relinquished rights to Parcels 7 & 8. In December 2010 the government decided to “not approve” LVS’s right to develop there.
Casino developer gave news in its 2012 annual report filed yesterday
Las Vegas Sands Corp. says it “expects to apply” to the Macau government for an extension on the May 2014 deadline it was set for completing Sands Cotai Central casino resort on Cotai.
LVS doesn’t say how much of an extension it’s likely to seek. It will be