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LVS: FIRE AT THE FOUR SEASONS MACAU

Full details are not in yet but apparently there was a serious fire at the residence tower at the Four Seasons Macau. The fire has spread from the 20th floor and higher. The tower was expected to contain 1 million square feet of luxury apartment hotel units and open in Q3 2009.

On the one hand, the fire could be perceived as a negative since this will likely delay cash flow from the sale of those units. On the other hand, it is unclear whether they have the regulatory approvals to sell residential units anyway. Further, to the extent they can collect insurance proceeds quickly, any cash would help this liquidity strapped company.

We will have more details as we get ‘em.