The Macau Metro Monitor. December 21st, 2009
LAS VEGAS SANDS: COTAI WORK TO RESTART WITHIN 5 MONTHS wsj.com
Las Vegas Sands Chairman Sheldon Adelson said that he expects construction to be restarted on the company’s Cotai Strip project in about five months. The first phase of the project will be finished by June 2011 and phase two will be completed by the end of 2011, according to Adelson. Sands China, recently listed on Hong Kong’s stock exchange, raised US$1.75 billion in project financing last month to restart construction on Lots 5&6. It will also use US$500 million raised from the US$2.5 billion initial public offering for construction purposes. Construction was halted in November 2008 due to a lack of funding.
LVS’ plans include more than 20,000 hotel rooms in Macau, about 1.6 million square feet of exhibition space, more than 2 million square feet of retail malls and six theaters. Separately, Adelson said that the first stage of the Marina Bay Sands integrated resort in Singapore will open in early April.
MACAU SAR’S THIRD-TERM GOVERNMENT SWORN IN shanghaidaily.com
The celebration marking the 10th anniversary of Macau’s return to the motherland and the inauguration of the third-term government of the Macau Special Administrative Region was held on Sunday. Chinese president Hu Jintao attended the ceremony, where Macau SAR Chief Executive Fernando Chui Sai On and principal officials of the SAR governments were sworn in.
NEW MACAU LEADER TO DIVERSIFY ECONOMY FROM GAMING reuters.com
Macau plans to diversify its economy over the next five years into sectors such as logistics, according to new Chief Executive Fernando Chui. Chinese leaders also pledged to better regulate gaming in the territory. Chui said, “While enhancing regulations on the gaming industry, we will also put emphasis on the convention, exhibition, logistics, and cultural industries. We will also focus on the upgrade and transformation of traditional industries.”
STANLEY HO APPEARS IN PUBLIC macaudailytimes.com.mo
Stanley Ho made his first appearance in more than four months at the inauguration of the third-term Macau SAR government at the Macau dome yesterday. The 88 year-old had been hospitalized in Hong Kong and has reportedly undergone two surgeries.
MACAU CONSUMER PRICES DECLINE IN NOVEMBER forextv.com
Macau’s Statistics and Census Service announced that the consumer price index decreased 0.11% year-over-year in November, compared to the 1.1% fall in the previous month. On a monthly basis, the CPI increased 0.49% in November, faster than the 0.28% growth in the preceding month. For the January-November period, consumer prices have risen by 1.21% when compared to the same period in 2008.
GROUNDBREAKING FOR NEW UNIVERSITY OF MACAU English.cctv.com
President Hu Jintao ended his two-day tour of Macau on Sunday with a groundbreaking ceremony for the SAR’s only comprehensive university. The move follows up on a promise by the Central Government to give more land to Macau. The university now begins construction of its new campus on Hengqin Island.