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Sands Cotai land costs MOP1.87 billion
The SAR government has, finally, officially approved the land concession for Sands China’s Parcels 5 and 6 on the Cotai Strip.
According to the contract, which was released on the Official Gazette yesterday, Sands China will have to pay a premium of MOP1.87 billion for the two land parcels amounting to 150,134 square metres.
The land grant application was filed by Venetian Macau on August 11, 2005.
The company is given 48 months to develop Parcels 5 and 6.
The land will be used to build a 5-star hotel complex consisting casino, retail, food and beverage, cinema, entertainment facility, a tropical park as well as a 4-star apartment hotel and a convention and exhibition centre.
The hotel complex will have a gross floor area of 890,000 square metres, while the apartment hotel and the convention and exhibition centre will be respectively nearly 93,000 square metres and 49,000 square metres.
Financing to be secured Friday
On the other hand, Sands China’s president and CEO Steve Jacobs announced Tuesday that the company will soon close the necessary US$1.75 billion bank loans needed to resume work on Parcels 5 and 6.
“We’re going to close Friday. No later than Monday,” he said.
In a press statement issued by the company on the same day, Jacobs said: “With the signing off on project financing for parcels 5, 6 confirmed to happen in less than seven days, Sands China Ltd. is positive that the increased hotel, leisure and MICE capacity will contribute substantially to Macau fs economic diversification.”
Sands China in the meantime announced its first quarter earnings of the year.
On an International Financial Reporting Standards (IFRS) basis, total net revenues for Sands China increased 23.9 percent to US$944 million in the first quarter of 2010, compared to US$761.7 million for the first quarter of 2009.
Adjusted EBITDA for Sands China Ltd. increased 49.2 percent to US$254.4 million for the first quarter of 2010, compared to US$170.5 million for the first quarter of 2009.
The company also registered an increase of 313.9 percent in net income to US$110.5 million, compared to US$26.7 million for the same period of last year.
Steve Jacobs said that the growing non-gaming aspects of the business will be “key to driving profitability”.
With 6,000 rooms and over 1.2million square feet of retail and MICE space planned to open in phases starting the third quarter of 2011, together with Sands China’s existing facilities on the Cotai Strip, “the company is well-geared to grow its market leading visitation and spending from the leisure, MICE, family customer segments in China and the North Asian Region”, he said according to the press statement.
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