THE M3: LVS AND GALAXY

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.