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Sands to reopen Macao resort

(China Daily/Agencies)
Updated: 2009-11-17 07:59

Casino operator Sands China Ltd will open most of its stalled resorts in Macao by December 2011, almost tripling its hotel rooms in the world's biggest gambling hub.

The project, an extension to the Venetian Macao, the world's biggest casino, is a "quantum leap for Macao" as Las Vegas Sands Corp bets that more convention space, hotel beds and shopping malls will entice visitors to prolong their stay in Macao, Michael Leven, chief operating officer of Sands China's parent, told reporters.

Chairman Sheldon Adelson is seeking to raise as much as $3.4 billion in what could be Hong Kong's second-biggest initial public offering this year. The offer, together with a separate $1.75 billion in bank financing, would help the Macao subsidiary restart the 13.3 million sq feet resort that has been halted since November last year after credit markets seized up and revenue dwindled.

Related readings:  Sands IPO to be 2nd biggest in 2009  Minsheng, Sands plan floats in HK  Sands Macau gets nod for $2b IPO in face of glut  Sands considering HK share sale to help raise $4b

"I don't think demand for Sands' shares will be strong given how Wynn's shares have performed since their debut," said Francis Lun, a general manager at Fulbright Securities Ltd in Hong Kong. "The money from the share sale will be enough to restart the Macao project but they still need more because the project is huge."

Net proceeds may reach HK$14.7 billion, based on a price of HK$12.13 a share, the midpoint of the offer range, the company said yesterday.

The company will open the second part of the project by December 2011, Leven said. The phase, consisting of one of two Sheraton-branded hotel towers and some retail centers, will add to the 3,700 hotel rooms and a casino with 670 tables which would open in June 2011.

The project will add 6,000 hotel rooms for Sands China in Macao, compared with 3,554 it had as of June 30.