The Macau Metro Monitor. November 11th, 2009
LAS VEGAS SANDS TO RESTART MACAU PROJECTS wsj.com
LVS plans to begin preliminary work in January to restart lots 5&6. At 13.3 million square feet of net developable area, the new project would be even larger than the Venetian Macau. The company says it needs around $2 billion to finish the halted portion of the projects; thus far the company has secured financing from banks of around $1.45 billion.
A person “familiar with the matter” disclosed that the company plans to use roughly $500 million the proceeds from the upcoming IPO to finance Macau construction.
GALAXY ENTERTAINMENT: DELAYED COTAI RESORT TO OPEN 1ST QUARTER 2011 wsj.com
Casino operator Galaxy Entertainment said Wednesday its HK$14.1 billion (US$1.81 billion) flagship casino resort in Macau is scheduled to open in the first quarter of 2011. The opening has been delayed for one year. Galaxy has already committed HK$5.1 billion to the project, named Galaxy Macau. The company is not considering a share placement as a means to raise the capital needed to complete the financing for the project. The company plans to release details on its financing plans for the project within 45 days.
