Las Vegas Sands Corp, the parent company of Macau casino operator Sands China Ltd, announced on Tuesday that its Macau unit has received the government permit needed to resume construction of the US$2.7 billion Parisian Macao (pictured in a rendering) in Cotai.
The company said in a press release that it expects “construction to resume this week”.
The Macau authorities originally ordered Sands China to suspend construction works for the French-themed casino resort following an on-site accident in June.
The city’s Land, Public Works and Transport Bureau said at the time that the contractor had permission only to do earthworks on the site, although it had already built a structure of approximately 10 floors in height.
In a quarterly filing earlier this month, Las Vegas Sands said construction of the Parisian Macao was “pending receipt of certain government approvals”. The company said it had been informed that the permits were scheduled to be issued in October.
In Tuesday’s press release, Las Vegas Sands said additional permits “will be necessary as the development continues”.
“But after undergoing a brief work stoppage, this approval enables work on the critical podium structure to restart immediately,” the company added.
The earlier-than-expected permit to resume construction of the Parisian Macao will likely allow Sands China to keep the original schedule for opening the property by late 2015, although it is still not clear if it will be a full opening. The company had said in previous filings that it would “analyse options for both a full and phased opening of the facility in 2015”.
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Analyst at Roth Capital Partners