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Not For Sale : Four Seasons Condos

It's unfortunate that the energy industry hasn't developed technology to harness the steam that shoots out the ears of the angered, as I'm sure that the folks at LVS could be counted on to provide a few jigowatts of ready power, daily.

From MacauDailyTimes:

According to a press statement yesterday, the DSSOPT (Land, Public Works and Transport Bureau) said because of the "huge investment projects" on the Cotai Strip and the need for generating capital, the SAR government permitted the Four Seasons Hotel to have its hotel, apartment hotel, carpark and commercial area registered as four different units.

However, the DSSOPT added that the apartment hotel was still being regulated by the laws relating to hotel industry and it belonged to a hotel project instead of a residential one.

Thus, the rooms or suits in the apartment hotel could neither be transferred nor register its property ownership as not being part of the Four Seasons Hotel.


Is this the mistake of the century by LVS, or did the Macau Government just kick Adelson Inc right square in the nuts? The mind truly reels at what a monumental f-up this is. Did someone not ask beforehand? What happens to the "revenue" from selling the real estate? How does this affect the further oversupply of rooms on Cotai's Hotel Row? Is that steam turbine attached to Sheldon's head yet?

Somebody get some ice.


Comments & Discussion:

I cant believe what has happened to LVS(and others) over the last 12 months, just nothing positive happening in Over supplied Macau at the moment.

I hope they have sorted out the St Regis and Sheraton deals.

Very worrying indeed for Sheldon Adelson and LVS.

Nothing positive? Well I guess if you don't count the Macau properites being an F-ing life preserver for some I guess so.

I would not suprise me LVS screwed the pooch. After staying there I think my best comment was "Amazingly the theme is carried through the entire place." Make what you will of that. Anyway, I think more is being made of this that necessary. Its embarrassing, but just a paperwork screw-up. I think LVS can settle it in time.

i agree with dramman... but i see where MacauVIP is coming from. LVS seems to have had one piece of bad news after another. Their strategy of build now, ask questions later is starting to bite them in the ass thanks to the credit market & the macau govt. on the bright side, if it weren't for macau... who knows what kinda shape MGM, LVS and WYNN would be in re: stock market.

To be fair Chuck, that is SOP all over Asia. The basic idea is that if you build it, its too late to say anything. So then you have this space in time of figuring out what to do with the place. Any penalty is minor and factored into the cost.

Its all politically and economically expedient, and very different from the mindset of getting all your permits before you break ground.

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