Casino operator Las Vegas Sands won’t make its original deadline for opening its new Parisian Macao resort casino.
LVS’ Asian division Sands China reported its H1 earnings last week, and the report contained a warning that its in-development $2.7b Parisian property on Macau’s Cotai strip might not meet its April 2016 opening target.
That’s a problem, as the company is required to meet that deadline or risk forfeiting its concessions on the land underneath the resort as well as its Sands Cotai Central resort. This would result in Sands losing the ability to operate any facilities on these properties and force it to book a charge covering all or some of the combined $6b in capitalized construction costs related to these two properties.
On Wednesday, Sands China told the Macau Daily Times that it had applied to the Macau government for an extension on this deadline. The company now hopes to open the Parisian sometime in the second half of 2016.