The Macau Metro Monitor, December 20th, 2010
SANDS CHINA NEARING APPROVAL ALLOWING FOR SALE OF CO-OP SHARES Las Vegas Sands Corp
Sands China said it has received a letter from the Macau Land, Public Works and Transport Bureau saying "the process is at its final proceeding." The draft contract finalizing the approval process is expected to be issued very shortly.
"We truly appreciate the government's diligence in addressing this matter and we are optimistic that a resolution could be forthcoming very quickly. The company has been inquiring of prospective buyers over many months and has accelerated the inquiries to ascertain the viability of a concentrated sales effort starting after the first of the year. The reaction from prospective buyers is very positive and company management is optimistic that our anticipated pricing will be well-received," Sheldon Adelson said.
LAS VEGAS SANDS' LEVEN SAYS MACAU SEEKING ORDERLY GROWTH OF CASINO RESORTS Bloomberg
COO Mike Leven said, “They’re [Macau’s Land, Public Works and Transport Bureau] trying to manage growth in a healthy way. They’re probably not going to allow them all to be built at once. When one gets built and gets close to opening, they’ll allow the next one to start construction, and it will open after the existing property ramps up.” Projects by Wynn, MGM and Sands’ site 3 may be the next three Cotai casinos allowed, Leven added.
GALAXY ENTERTAINMENT GROUP ANNOUNCES SUCCESSFUL CLOSING OF UPSIZED RMB BOND ISSUANCE Galaxy Entertainment Group
Galaxy announced it has closed its fixed rate senior unsecured bond issuance in an aggregate principal amount of RMB 1.38 billion. The bonds will mature in December 2013.
- Strong vote of confidence in Galaxy with offering more than 13 times oversubscribed
- Attractive fixed interest rate of 4.625% p.a. for this groundbreaking offering
- The first ever RMB denominated non-financial-institution corporate bond listed on the Hong Kong Stock Exchange
- Opportunistic financing which raises reserve funding for development of non-gaming businesses and creates additional general working capital
- Effective hedging strategies will be implemented to eliminate the currency risk
BELLE GROUP TO TAP MACAU GAMING FIRM FOR RESORT-ENTERTAINMENT COMPLEX The Philippine Star
The consortium of Belle Corp. and Leisure Resources World Corp. (LRWC) may hire Asia Pacific Gaming for consultancy services for its multi-billion peso IR complex. Negros Occidental Rep. Alfredo “Albee” Benitez, majority owner and former president of LRWC, said the group may not take in a foreign strategic partner and could just hire APG to help them operate The Belle Grande Manila Bay, which is targeted for soft opening by the fourth quarter next year."