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Las Vegas Sands Corp. Message Board

  • jaaw27 jaaw27 Mar 26, 2013 10:16 AM Flag

    Is the LVS Macau St. Regis under construction yet?

    Is the Macau St. Regis under construction yet?

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    • Sands ‘to apply’ for Sands Cotai completion extension
      Michael Grimes | 24/03/2013 | in Gaming
      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 the third time it has asked for more time on its Cotai works. Previous changes have given three years’ grace from the original finish lines. In theory, failure to meet the government’s completion deadlines can result in the loss of a project.
      LVS offers the deadline news in its 2012 annual report published yesterday. The Macau administration originally gave LVS a May 2014 deadline – 48 months from the date the relevant Cotai land concession became effective – to complete Sands Cotai Central.
      The property is expected to cost at least US$4.2 billion (33.58 billion patacas) when finished.
      The possible extension relates to the as-yet-unbuilt third phase – which the same filing says is for a fourth tower at the property – to be shared by a St Regis branded hotel and mixed use space. It is currently referred to by the company in the 2012 annual report as one where “We intend to commence construction…as demand and market conditions warrant it.”
      In a previous regulatory filing in the United States, for the first quarter 2010, LVS said it wished to have condominiums at the St Regis tower planned for Sands Cotai Central – or ‘Parcels 5 and 6’ as the site was then known.
      Condo bill
      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

      • 1 Reply to jaaw27
      • 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.

 
LVS
63.22-0.33(-0.52%)Nov 26 4:01 PMEST

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