The first two phases of its mega-resort are set to open by the third quarter of 2011

Sands China awards us$ 120 million deal to builders for Macau resort

2010-05-27
Reading time 53 seg

The project, which will house the world's biggest casino as well as Shangri-La, Traders and Sheraton hotels, was suspended in November 2008 when Las Vegas Sands stumbled into cash flow problems at the peak of the credit crunch.

Recently, analysts had expressed fears that a possible move by Macau's government to restrict the number of non-resident workers on construction projects could result in cost overruns or project delays for Sands China's latest project. The first two phases will cost us$ 2.35 billion to develop and are set to open by the third quarter of 2011.

Late on Monday, Sands China said in a statement that it had awarded more than 20 contracts, but did not reveal the names of the contractors who are working on the project, known as sites five and six. Macau's Cotai Strip has been billed by some developers as the next Las Vegas Strip. "I am extremely pleased about the resumption of construction work at our Cotai Strip development on Parcels 5 and 6," Chief Executive Steve Jacobs said in the statement.

Jacobs told Reuters in an interview in mid-April that between 2,000 and 4,000 labourers recently resumed work on the project. In May, Sands China secured a us$ 1.75 billion loan to finish construction work on the project, which would complement Sands China's three existing Macau casinos, including the massive Venetian Macao.

Leave your comment
Subscribe to our newsletter
Enter your email to receive the latest news
By entering your email address, you agree to Yogonet's Condiciones de uso and Privacy Policies. You understand Yogonet may use your address to send updates and marketing emails. Use the Unsubscribe link in those emails to opt out at any time.
Unsubscribe
EVENTS CALENDAR