As per information collected from Hong Kong Stock exchange provided by the government, closing date for the construction of a new casino resort named Parcel 3 by Sands China Ltd. (1928) has been extended from April 2013 to 17th of April, 2016. The casino operator will have to pay some amount of money as postponement fine to the government. This is the second extension granted by the government as the previous deadline for construction of the resort was Aug. 2011. Parcel 3 is the chief project of the company (following Cotai Central resort, costing $5 billion opened this year) for which construction has yet to be started. MGM China Holdings Ltd. (2282), Melco Crown Entertainment Ltd. (MPEL) and SJM Holdings Ltd. (880); the competitors of Sands are also waiting authorization or allowance of land by the government for building up of their casinos in the largest gambling centers of the world.
Sands further informed that its China shares have increased by 2.4% to HK$23.30 in Hong Kong at the 4 p.m. close. The construction of Parcel 3 on the domesticated land Cotai will further enhance its presence in the gambling world. There will be facilities for the whole family of visitors at the new resort and it will aim at the mass-market. The profits earned through Chinese tourists by the Macau’s gambling casino rose by 42% the previous year; therefore operators are constructing more and more resorts there to attract more Chinese tourists. Parent Las Vegas Sands Corp. (LVS) stated in its authorization filings with the U.S. Securities & Exchange Commission that due to its inability to complete the construction by April, it will apply for further extension of the closing date.
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