LVS: DELAYS AND COST OVERRUNS ON COTAI

Structural issues appear to be impacting LVS on the Cotai Strip. Apparently, one of the near complete hotels on lot 5 or 6 is not settling properly. I think it will cost $50-100 million to fix and likely delay the opening by about 6 months. It is unclear which hotel it is although I’m assuming it’s one of the hotels to be managed by Starwood (St. Regis or Sheraton) or Shangri-La (Shangri-La or Traders). This delay will push the opening into 2010. More to come.