Las Vegas Sands got approval from the Macau government to complete the construction of its new resort development known as Parcel 3 by April 17, 2016 instead of April, 2013. Due to the decline in progress of gambling industry, the company was unable to complete the construction in given time period; therefore it applied for an extension. The government will impose a fine on Sands for postponement of the construction as informed by the company. Parcel 3 will be linked to The Venetian Macau and Four Season Macau. The annual reports for the year 2011 of Las Vegas Sands stated that the company was likely to bear a loss of rights on land as well as the $96.7 million investment that has already been poured into the project; in case the extension was not granted by the government.
In a statement to South China Morning Post last week, Melina Leong- the lady representative of Sands Macau informed about one more project named Sands Cotai Central costing $5 billion that kicked off in April on an emergent and domesticated piece of land known as Cotai and was drawing attention of the casino developer and was the reason behind delay in construction of the Macau Casino. Most of the casino operators are paying attention towards Cotai in order to attract Chinese tourists that supported in enhancing the profits returns of Macau. There was a five fold rise in the profit collection of the Las Vegas strip by Macau this year in contrast to its previous years’ collection due to fall in the economy of America. Sheldon Adelson, having a net worth of $24.9 billion and listed on number 14 on the World’s Billionaire’s List is the owner of Las Vegas Sands. The profits made by Sands during second quarter of the year will be publicized on 23rd of July.
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