Sands confident about not losing parcels 7 and 8 in Cotai, Macau

Sands China is confident that Sociedade de Jogos de Macau’s (SJM) move to get parcels 7 and 8 in Cotai will not be successful. Sands China acting chief executive officer, Michael Leven said in a statement Tuesday "there is no reason to believe that a subsequent application by any third party will take precedence" over Sands’ rights to develop sites 7 and 8. In the same statement, quoted by Las Vegas Review-Journal, Leven explained that Sands China had previously submitted a detailed development application to the Macau government detailing plans for the two sites. "Subsequent to that application, we have obtained site investigation and consolidation licenses from the government, which authorized us to enter the site and carry out the substantial works that have to date been completed," Leven said. "Our consultants have continued to pursue the development application in a timely manner," Leven said. "We have received no indication from any relevant department that our applications are not proceeding in the usual course." Meanwhile, Macau’s Land, Public Works and Transport Bureau has denied receiving any letter from SJM expressing interest in Cotai’s parcels 7 and 8. For JP Morgan gaming analyst Joe Greff, it is unlikely the government would take the sites from Las Vegas Sands. "That said, we do believe the government is working with SJM and the other concessionaires so that each has a presence on the Cotai Strip," Mr Greff said in a research note. Even if the government takes parcels 7 and 8 from Sands China, the effect on the parent company – Las Vegas Sands – would be minimal, he added, since any potential impact should be offset by development in Singapore, and stronger Las Vegas results.