Sands China gets OK to sell Macau apartments
BILLIONAIRE Sheldon Adelson's Chinese casino company received long-awaited approval from the Macau government yesterday to sell apartments next to its flagship casino in the Asian gambling enclave.
Sands China said it received the green light for transfer rights, allowing it to sell apartments in a 30-storey tower that was largely completed in 2009.
Sands China is controlled by Mr Adelson's Las Vegas Sands.
The apartment tower sits next to Sands' Venetian casino-resort on Macau's Cotai Strip.
Union Gaming Research forecast the company would raise US$775 million (S$967 million) in net proceeds by selling up to 300 apartments in the co-op style building, which would be branded and serviced by Four Seasons.
Buyers would likely include high-rollers, Union Gaming analyst Grant Govertsen wrote in a research note.
Sands has four casino-resorts in Macau, which is a former Portuguese colony, including three on the Cotai Strip, a patch of reclaimed swampland that is modelled on the Las Vegas Strip.
The company is building a fourth Cotai resort based on a Parisian theme.
Mr Adelson said in a statement that the apartments will allow visitors to stay longer in Macau.
The city last year received 28 million visitors, many of whom stayed less than a day.AP