THE M3: SANDS 1:1 RATIO; SANDS GETS COTAI CONCESSION; STUDIO CITY-USE IT OR LOSE IT; WEAVER EXIT

The Macau Metro Monitor, May 12th, 2010

 

 

NO IMPORTED LABOUR UNTIL SANDS MEETS 1:1 RATIO Macau Daily Times

Human Resources Office (GRH) coordinator Wong Chi Hong said Sands China will only get imported labour for the resumption of its Parcels 5 & 6 construction when half of the workers needed are Macau residents.  He confirmed yesterday that GRH has already received the imported labour application from Sands China “a long time ago”, but said he was not sure if it was in last year or this year.

 

In addition, Wong Chi Hong stressed that the Office will not approve any quotas at this moment before Sands China can meet the requirements and confirms when exactly the suspended construction work on the Cotai Strip can be restarted.  “We definitely won’t give them [Sands China] any quotas in advance, it has to depend on the actual conditions of the construction because it’s still waiting to be resumed, and also how many local workers they are going to hire,” Wong Chi Hong said.  “We have already said that the minimum ratio [of local to imported workers in the construction industry] is 1:1. So we will only approve the quotas when at least 50 percent of their workers come from Macau,” he added.

 

SANDS GETS COTAI LAND CONCESSION macaubusiness.com

Sands China has obtained the official land concession contract for parcels 5 and 6 in Cotai.  The company will have to pay a premium of MOP1.87 billion for the two parcels, which have a total size of 150,134 square-meters.  The concession contract states that the company has 48 months to develop parcels 5 and 6.

 

HIGH STAKES IN MACAU CASINO PROJECT FACE-OFF WSJ

According to a letter reviewed by The Wall Street Journal, an impatient Macau government could move to settle Studio City's fate as soon as this week.  The letter, signed by Jaime Roberto Carion, director of land and public works in Macau, said the government would invalidate or terminate land rights for the $2.4 billion casino-resort project unless a satisfactory reason is given for its delay.  The parties, including U.S. investment firms Silver Point Capital LP and Oaktree Capital Management LLC, had one month from the date of the letter, April 14, to respond.

 

WEAVER QUITS SANDS CHINA Intelligence Macau

Stephen Weaver, chief development officer of Sands China, has left the company.  The creator of the Cotai Strip masterplan, Weaver had already resigned from the Sands China board a few weeks ago.


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