Beijing-Washington key talks off to “good start”

US Secretary of State Hillary Clinton speaks about the situation on the Korean peninsula during a press conference in Beijing yesterday.

Sands China has secured USD 1.75 billion in financing to build its next two phases of development in Cotai – parcels 5 and 6 – which include the combined Shangri-La, Traders, and Sheraton resort complex.
This “represents a critical next step in Macau’s ability to both diversify its economy and further reach its potential as a full-scale leisure and business destination,” said Sands China chairman Sheldon Adelson.
“The additional 6,000 hotel rooms are especially important in growing the meeting and convention business in Macau. The additional capacity will open up a new and larger base of potential customers who, because of the size of the events, were not previously able to bring their meetings or conventions to Macau,” he added.
Adelson said he expects the first phase of the development, which will feature approximately 3,700 hotel rooms and additional retail, gaming and meeting/convention facilities, to open in the third quarter of 2011.
Phase two includes a 2,300-room Sheraton hotel tower, as well as other non-gaming amenities, and is expected to open approximately six months later.
Timing for the completion of a third phase, which includes plans for a St. Regis hotel and serviced-apartments, will be announced at a later date.

Construction to restart “immediately”

Construction of Parcels 5 and 6 on the Cotai Strip will be resumed “immediately” after Sands China announced yesterday that construction contracts for the initial phase have all been secured.
More than 20 contracts, valued at over MOP1 billion, were signed with Macau construction companies.
It is estimated that the project will create between 8,000 and 10,000 direct jobs and over 10,000 indirect positions.
Sands China also estimated that the integrated resort, which is scheduled to open in the third quarter of 2011, will generate new business worth several billion patacas for local businesses through local procurement of goods and services, including food and beverage, hotel supplies, utilities and transportation.
The integrated resort on Parcels 5 and 6 will feature around 300,000 square feet of gaming space, 6,000 additional hotel rooms, 1.2 million square feet of retail, entertainment and dining facilities, MICE space, and a multi-purpose theatre.
Steve Jacobs, President and CEO of Sands China said: “We are working very hard to ensure that this latest addition to Macau’s integrated resort portfolio will be something that Macau and its residents can be proud of.”