Cotai Strip might get new financing

Filed Under Macau, Macao, Las Vegas Sands, Cotai Strip® | Leave a Comment

Reuters is reporting that Goldman Sachs could be working on a $1 billion loan for Las Vegas Sands’ Cotai Strip, and the article indicates that sources speculate that the loan could be used for recently suspended sites 5 and 6. A $1 billion loan is a far cry from the $5 billion plus loan they had been previously hoping for, but you’ve got to start somewhere I suppose. Read more

Nov

24

MGM Grand Cotai on hold

Filed Under Macau, Macao, Cotai, MGM Cotai | Leave a Comment

Here’s a shocker…another Cotai hotel casino project postponed. Macau is starting to feel like Vegas.

Macau Daily Times:

Now, even Macau is being affected by the global financial crises with MGM Mirage announcing on Friday it too will suspend plans to build a second resort in Macau.

Currently, MGM Grand located in Nape is the company’s only hotel-casino in the SAR, however it had plans to develop another second property also in the Cotai Strip.

MGM Mirage not only has frozen plans to build a second resort in Macau but also to develop a large swath of vacant land at the north end of the Las Vegas Strip.

“What we are experiencing now is unique,” said Alan Feldman, senior vice president for MGM Mirage, referring to consumer confidence levels sinking to historic lows.

Nov

22

Hengqin Island update

Filed Under Macau, Macao, Hengqin Island | Leave a Comment

BlogMacau.info reports: Authorities in Guangdong stressed that they will develop the island of Hengqin ‘autonomously’, in contrast to Macau’s Chief Executive remarks that the island should be developed jointly between Guangdong and Macau. Vice-Governor of the Province Wan Qingliang (萬慶良) told Macau and Hong Kong media delegation that the time has matured to further develop Hengqin Island, and that ‘consensus from all sides’ and conditions for further development have been formed. The island could become a ‘new brand’ to elevate the international competitivness in the Pearl River Delta region and in setting up a modernised industrial bastion. Wan also told reporters that the master plan of Hengqin has been reported to the Central Government, and clear support has been received.

15

Quick Note

Filed Under Cotai | Leave a Comment

I know I’ve slacked off on this site for the past few weeks. See, November is my two year anniversary running Cotai Casino News and no one remembered, so my feelings have been hurt and didnt want to write on this anymore. Just kidding. Ive been really busy developing a few other non casino related sites and it has taken up all my free time. Im pretty much done so I’ll get back to this sometime next week and will probably blog more frequently than I had been in the past.

Nov

3

Ok, now its official…i think

Filed Under Macau, Macao, Cotai, Venetian Macao, Four Season's Hotel Macao, Cotai Strip® | Leave a Comment

Looks like the Cotai Strip condos are back up for sale. From today’s LVS filing:

On October 29, 2008, the office of the Secretary for Transportation and Public Works for the Macau Special Administrative Region of The People’s Republic of China (the “Macau Government”) published an amendment (the “Land Concession Amendment”) to the Land Concession by Lease (the “Land Concession”) between the Macau Government and Venetian Cotai, Limited (”VCL”), an indirect wholly-owned subsidiary of Las Vegas Sands Corp. (the “Company”) in Macau’s Official Gazette (the “Official Gazette”).

The Land Concession Amendment separated the retail mall use from the hotel use for Lot II (the “Four Seasons Macao Hotel”) and authorized VCL to subdivide the Four Seasons Macao Hotel into four independent strata title units consisting of the following: (i) a five star hotel, including gaming areas, entertainment, leisure, restaurants and other supporting areas (112,167 square meters); (ii) a four star apartment-hotel, which corresponds to the most luxurious classification of apartment-hotel permitted in Macau (101,028 square meters); Read more