Las vegas sands new casino open in macau : Booming Macau welcomed another large-scale casino resort on Wednesday with the opening of Las Vegas Sands Corp.’s fourth property in the Chinese territory, the $4.4 billion Sands Cotai Central.The new property sits on the reclaimed strip of land known as Cotai, down the road from its flagship Venetian Macao casino and away from Macau’s main peninsula area. It’s the second gambling complex to open in the past year, after rival Galaxy Entertainment Group Ltd. opened its $2 billion estate, the Galaxy Macau, in May. That project added 2,200 hotel rooms to Macau, as well as a rooftop wave pool – and the territory’s first modern multi-screen movie theater.
Sands Cotai Central is the only new casino to open a new resort in Macau this year, making it a darling among analysts. Goldman Sachs has a “buy” rating on the stock for its exposure to the mass-market segment, as well as non-gaming visitors.
The Macau government has yet to announce which out of the six casino operators in Macau will win approval for the next parcel of land on the Cotai strip. Wynn Resorts Ltd. caused a stir last month when it filed an erroneous notice to the Securities and Exchange Commission saying that it had won final approval for a project on Cotai.
Construction of the new Sands resort has been slowed in part due to government restrictions on the number of foreign workers the city could hire. Sands also said it reduced the number of tables to 530 from 670 it had previously planned due to a government-imposed cap on tables until 2013.
Sands has signed franchise agreements with Hilton Worldwide and InterContinental Hotels Group PLC for hotels at Sands Cotai Central. It also said it would open some 2,000 rooms under the Sheraton Towers brand of Starwood Hotels & Resorts Worldwide Inc. by early 2013. The project will eventually add some 6,000 hotel rooms to the territory, which is suffering from a chronic hotel room shortage.
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