Search
 

Sands Pays $87M of $380M for Macau Land Lease

LAS VEGAS-Las Vegas Sands makes the initial payment for the first two parcels of a five-parcel Cotai Strip land concession.

By Brian K. Miller | Updated on November 16, 2009

LAS VEGAS-Las Vegas Sands said Monday that it has made the initial US$87.5-million payment for two of five additional parcels in Macau, a special administrative region of China. The parcels are envisioned as five interconnected integrated resorts. The total payment for the first two parcels—known as parcels five and six—is US$380 million. Beyond that, the company will pay an additional US$500,000 annually while the first two parcels are under development and US$2.1 million per year upon completion, according to a Monday filing with the SEC.

Las Vegas Sands owns three operating casino resorts in Macau–the Venetian Macao, the Sands Macao and the Plaza. Sands Macau opened in 2004, followed by the Venetian Macau in 2007 and then the Plaza in 2008. It also owns CotaiArena, Macau’s largest entertainment venue and one of the largest convention and exhibition halls in Asia, and one of three major high-speed ferry companies operating between Hong Kong and Macau.

The company’s next phase of development is parcels five and six, for which it plans a 13-million-square-foot, US$4.3-billion integrated resort that would be completed in three phases, the first phase of which is partially completed. After that, it would develop one of the three remaining parcels with an additional 3,900 branded hotel rooms, and then it would develop the final two parcels with a project similar size and scope to the integrated resort located on parcels five and six.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.