Sands plans Four Seasons sale - Monday 21st of January 2013

Las Vegas Sands is gearing up to launch the sale of the Four Seasons apartment hotel tower in a cooperative form of ownership, company boss Sheldon Adelson said at the Deutsche Bank 2010 Hospitality and Gaming Conference.

“We had a problem in the Four Seasons apartment hotel tower. The building is built and we have model rooms and are ready to sell,” he said.

“We have 70 reservations, but for some political reason, which leaves me unable to explain it in logical details, they [the Macau government] won’t let us sell them as condos. But they do now let us sell them as co-ops,’’ he added.

“If we proceed in selling co-ops, I believe that the future and the perception of our company will change for the better, dramatically,” Adelson said.

“We want to sell the apartments just to players who lock in their loyalty to where they own their apartment,’’ he added.

The land lease document signed between the casino operator and the Macau Government clearly states that the Cotai site is to be used solely for the development of gaming and hospitality projects. In other words, strata-title sales of apartments are prohibited under the terms of the land lease.

Lawmaker Au Kam San was the first to raise the question in public. He claimed that the “Venetian acquired this piece of land at an almost negligible cost. If it is allowed to go ahead with the sale of serviced apartments, which will definitely command good prices, it would be a flagrant example of profiteering”.

In October 2007, Venetian Macau announced publicly that the firm had planned to sell serviced apartments at the luxury resort to buyers who would use them as holiday homes.

Au has continued to express his concern that if the Venetian proceeds with their Four Seasons sale, other developers on the Cotai Strip may be tempted to follow suit, triggering a flood of serviced apartments onto the market.

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