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ISSUE 96 - Apr 2012
 
 
What are your expectations for the gross gaming revenue growth of Macau’s gaming industry in 2012?
Decline
Growth above 20 percent
Growth from 10 to 20 percent
Stagnation
 
 

Sands China still waiting for courts to rule on parcels 7 and 8


Posted: 8/30/2011 3:38:36 PM
Rating:     100% (1 votes)
  

Sands China is still waiting for the courts to rule on its appeal regarding the government’s decision not to approve the company’s application for a land concession for the so-called parcels seven and eight.

The government decision was announced in December 2010.

Sands China applied to the chief executive for a review of the decision and filed an appeal with the Court of Second Instance, which has yet to issue a decision, according to the company’s latest results’ announcement, made public yesterday.

Should the group win the appeal, it is still possible for the chief executive to again deny the land concession based upon public policy considerations, Sands China said.

According to the results’ announcement, the company’s first-half net profit more than doubled from a year earlier, to US$539.5 million (MOP4.3 billion).

Meanwhile, Sands China and parent company Las Vegas Sands have scored a victory in the lawsuit filed against them in Nevada by fired chief executive officer Steven Jacobs.

On Friday the Nevada Supreme Court ordered the judge overseeing the case to take another look at whether Sands China, being based in Macau, is subject to being sued in Nevada.

The court also ordered that proceedings in Jacobs’ lawsuit against Las Vegas Sands and Sands China be put on hold until this matter is resolved.



Other Macau Latest News

TransAct appoints new sales manager for Asia

Rashid Suliman will be responsible for the sales of the company’s products in Macau

Venetian hosts Ice World

The exhibit will last until September 16

Melco Crown to participate in Dragon Boat races

Around 50 Melco Crown employees have joined forces to form two teams

Bank tellers with two-digit salary growth

Wage increases outpace the inflation rate
Headlines

Final review on rules for smoking areas inside casinos

Casinos will have to divide their floor into smoking and non-smoking areas starting next year

Homes more expensive

The average transaction price of all residential units sold in the first three months of 2012 reaches a new all-time high

Sands China renews Edward Tracy’s contract

The company’s president and CEO has had his contract extended until August next year

Studio City to receive casino approval “soon”: report

Gov’t authorisation is “just a formality”, English-language newspaper Business Daily reports

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