S&P 500
7,401.00
+0.91%
Dow Jones
49,665.70
+0.19%
Nasdaq 100
29,241.00
+2.43%
Russell 2000
2,860.88
+0.82%
FTSE 100
10,263.70
+0.48%
Nikkei 225
63,767.70
+2.68%

Casinos & Hotels

Sands Gets OK on Macau Project Extension

Photo of Paul Ausick
By Paul Ausick Published
Follow 24/7 Wall St. on Google
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Invalid Image
Earlier this year, Las Vegas Sands Corp. (NYSE: LVS) was denied land rights to an expansion project on Macau. The land, called Parcels 7 and 8, was part of a larger project on which the company had already spent more than $100 million. Today, the Sands China unit said that the company received an extension to its expansion on the “Parcel 3” part of the project. The extension allows the company until 2016 to complete the expansion of its Venetian Macao property.

Las Vegas Sands, along with Melco Crown Entertainment Ltd. (NASDAQ: MPEL), Wynn Resorts Inc. (NASDAQ: WYNN) and MGM Resorts Inc. (NYSE: MGM), are among the U.S. listed companies with large casino/resorts on the island and its Cotai Strip, the Macau version of the Las Vegas Strip.

The loss of the land rights to Parcels 7 and 8 cost the company about $10.5 million, but today’s ruling saved Sands about $96.5 million that it already has invested in the resort and casino expansion. However, the government will impose an unspecified fine for the construction delay.

Expansion projects aside, though, the higher hurdle for all the operators remains the Chinese government’s visa restrictions and the imposition of credit card spending limits on visitors to Macau.

Shares of Las Vegas Sands are up about 0.5% in pre-market activity this morning, at $39.76 in a 52-week range of $36.08 to $62.09.

Paul Ausick

Photo of Paul Ausick
About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

Continue Reading

Paul Ausick |

Las Vegas Sands Folds on Macau Land Appeal (LVS, MPEL, WYNN, MGM)

As of the end of 2011, Las Vegas Sands Corp. (NYSE: LVS) had spent $101.5 million on developing a project…

Paul Ausick |

New Macau Project Lifts Casino Shares

ThinkstockThe former Portuguese colony of Macau generates about six times the gambling revenue of Las Vegas and now a Macau-based…

If Japan Legalizes Gambling, These 4 Companies Could Be Huge Winners
Lee Jackson |

If Japan Legalizes Gambling, These 4 Companies Could Be Huge Winners

The Wall Street Journal reported this week that the lower house of Japan's Parliament passed a bill opening the way…

Jon C. Ogg |

How Much Can MGM Macau IPO Add to MGM Shareholder Value? (MGM, MPEL, LVS, WYNN)

The end-game reward on how much MGM Resorts International (NYSE: MGM) will add for shareholder value via a Hong Kong…

March Madness Means Big Sports Betting: 4 Top Casino Stocks to Buy
Lee Jackson |

March Madness Means Big Sports Betting: 4 Top Casino Stocks to Buy

With March Madness underway, 24/7 Wall St. decided to screen its research database looking for Buy ratings from top Wall Street…

Paul Ausick |

Casino Stocks Hammered by Drop in Macau Revenues

ThinkstockGambling revenue growth on the Chinese island of Macau fell to its lowest level in 15 months in January, rising…

Paul Ausick |

Gambling Revenues Continue to Fall in Nevada

In its latest report on gambling revenues in the state, the Nevada Gaming Commission said that total revenue for May…

Douglas A. McIntyre |

Melco Crown Outlines IPO Risks at Las Vegas Sands, MGM Too (MPEL, LVS, MGM, WYNN)

Melco Crown Entertainment Ltd. (NASDAQ: MPEL) is holding up better than many might have expected after the stellar rise seen…

Las Vegas Is Open for Business Again: 4 Top Gaming Stocks to Buy Now
Lee Jackson |

Las Vegas Is Open for Business Again: 4 Top Gaming Stocks to Buy Now

You can bet that gamblers and tourists are ready to return to Las Vegas and to casinos around the country.…

Top Gaining Stocks

Akamai
AKAM • Vol: 21,556,944
Micron Technology
MU • Vol: 65,135,624
Intel
INTC • Vol: 227,504,426
Monster Beverage
MNST • Vol: 15,284,847
Dell Technologies
DELL • Vol: 12,167,525

Top Losing Stocks

Mettler Toledo International
MTD • Vol: 539,266
Motorola Solutions
MSI • Vol: 3,101,643
Expedia
EXPE • Vol: 4,189,786
Coterra Energy
CTRA • Vol: 73,319,495
Fidelity National Information Services
FIS • Vol: 11,468,820