Sands to reopen Macao resort
HONG KONG: Casino operator Sands 皇冠体育app 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 皇冠体育app'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.
