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twitterLas Vegas Sands moves forward with Macau project
Wednesday, Nov. 11, 2009 | 10:45 a.m.
Las Vegas Sands Corp. is accelerating activity in Macau, launching its initial public offering road show for investors and planning to resume construction on a stalled project there within months, reports said today.
The company, which owns the big Venetian Macao casino-hotel in Macau's Cotai area, will resume construction on an even larger project there in January, people close to the company told the Wall Street Journal.
The development includes 13.3 million square feet of gambling space, conference halls and Shangri-La, Traders and Sheraton hotels, the Journal's sources said.
Las Vegas Sands will hire 12,000 to 13,000 construction workers over the next 12 to 18 months to restart work on the project, which currently has its concrete shell and some ceiling-work finished, a person told the Journal.
Las Vegas Sands' unit in China, Sands China Ltd., said in a regulatory filing Monday it had obtained bank commitments for $1.45 billion to resume work in Macau that was halted last year -- and that it's seeking another $300 million for the same purpose.
Sands China plans to raise as much as $3.83 billion with its IPO, with the funds earmarked for development and paying off debt.
The company's operating assets in Macau also include the Sands Macao and the Plaza, a resort with a Four Seasons Hotel and the Plaza Casino.
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Not if Sheldon can't get any running water HA HA !!
biggest gamble and he is going to go bust.
Sheldon was not smart enough to hedge his position when the times were good. He could be sitting pretty now but just kept betting and going the same way. Old dinosaur. You know what happened to dianosaurs.
Walked to through Palazzo few months ago. I don't get it. Just big empty space. nothing exciting.
Bigger is better as Mr. A. likes to say. It may be a big somewhat less full space now, but the future is looking better, and a highly leveraged position when completely executed, means lots of growth and income on someone else's dime. Boyd is said to have a great balance sheet,(hedged in you terms?) but they leave junk in the desert for our visitors to walk by, where is the glory in that? Not to get too cute here, but there will be time enough for counting...when the deal'ns done.
With the Venetian losing business to Mandalay, he had no choice but to try to take advantage of Macau being his potential savior.
Vegas bleeds and Macau is the bandage.
Just do not understand why our American casinos are invest in Macau to the extreme they are.When they need to invest in a stronger marketing plan in Vegas.Instead they are cutting jobs and killing the service and hospitality here in Vegas.This is time for the Vegas casino operators to make moves towards increasing buisness in preperation of an eventual economic recovery down the road.
Look at other big companies who are starting to expand in areas so when they the economy recovers they are already there in place.Spending does hurt their bottomline today but when things turn around they are booming.
Vegas execs need to evaluate their marketing strategies and look at one thing service,attitude,value for the dollar.Oh yes they are lowering room rates but that is not enough but at the same time they are raising prices in other areas to compensate for the reduction.
Personally I would go after volumn of consumers with offering value and service.If the casinos would look at reducing prices and lowering table limits and food cost.They then go after more visitors and produce less per guest and increase the number of guest that visit eventually quanity overcomes margin.
Working for a company who has in the past year has lowered their margin and increased their volumn by 60 to 75 percent are now able to show larger profits and are expanding by 50 percent over the next year.They are doing this in Vegas ,Pheonix,Reno,Salt Lake,San Diego during the worst recession to record.They actually lowered their margin but at the sametime maitained their quality and have even improved it.They also have escalated their customer service and have created a positive work enviroment for the employees.
It is amazing how you can overcome a recession by focusing on what the consumer needs to get them to spend their dollars with you.
Now the first thing I would do is get a commitment from investors to commit to custer value and service and then go for it.
rodtig : That all makes too much sense. These idiots don't know anything about that. That's why their companies are in the crapper..
The way were spending dollars by the trillions I don't blame him for investing in macau. China will own our currency one day unless we get spending by these reckless politians under control.