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Stalled Casino Projects in Macau Reviving

Publication Date: 8/19/2009
Author: Neelam Matthews, in Macau
Format: HTML

Description:
The global financial downturn has not passed over Macau, the world’s biggest gaming market. But work on four hotels of the 70% complete Las Vegas Sands development, stalled in November, is on course to begin again by the end of the year if the developer obtains financing to complete the $12-billion project, which includes an 1,800-room Sheraton and three casinos on reclaimed land known as the Cotai Strip. Rival Melco PBL Entertainment has raised $200 million in the U.S. to repay debts and accelerate repayments due on a $1.75-billion construction loan for the partially built $2.1-billion urban entertainment resort development, also on the Cotai Strip, called City of Dreams.

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