Wednesday, Nov. 11, 2009 | 10:45 a.m.
Las Vegas Sands Corp. is accelerating activity in Macau, launching its initial public offering road show for investors and planning to resume construction on a stalled project there within months, reports said today.
The company, which owns the big Venetian Macao casino-hotel in Macau's Cotai area, will resume construction on an even larger project there in January, people close to the company told the Wall Street Journal.
The development includes 13.3 million square feet of gambling space, conference halls and Shangri-La, Traders and Sheraton hotels, the Journal's sources said.
Las Vegas Sands will hire 12,000 to 13,000 construction workers over the next 12 to 18 months to restart work on the project, which currently has its concrete shell and some ceiling-work finished, a person told the Journal.
Las Vegas Sands' unit in China, Sands China Ltd., said in a regulatory filing Monday it had obtained bank commitments for $1.45 billion to resume work in Macau that was halted last year -- and that it's seeking another $300 million for the same purpose.
Sands China plans to raise as much as $3.83 billion with its IPO, with the funds earmarked for development and paying off debt.
The company's operating assets in Macau also include the Sands Macao and the Plaza, a resort with a Four Seasons Hotel and the Plaza Casino.