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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Macau Sands casino up for sale: report AFP - 1 hour 52 minutes ago HONG KONG (AFP) - - Las Vegas Sands is considering selling one of its Macau casinos, a report said Monday, as revenues plummet in the world's biggest gaming market. ADVERTISEMENT It plans to put the Sands Macao up for about 1.3 billion US dollars after failing to sell its luxury shopping centres in the southern Chinese territory, the South China Morning Post said without naming sources. The report said Las Vegas Sands was considering selling the building and continuing to run the 229,000 square foot (21,274 square metres) casino while paying the new landlord rent based on performance. Talks kicked off last week, the daily said, as the company could not find a buyer for the shopping centres attached to the Venetian and Four Seasons resorts because the one billion dollar asking price was considered too high. "It was kind of, 'OK then, if you don't want the malls, do you want the Sands?'" an unnamed source was quoted as saying. It said the source confirmed the company's gaming licence was not up for sale. A spokesman for the US-based company declined to comment on a potential sale of the Sands Macao, the territory's first foreign-owned casino, the paper said. The Sands Macao opened in 2004 and the company made back its initial 285 billion dollar investment in 12 months, the newspaper said, as gamers poured into the city. However, Las Vegas Sands was in November forced to fire up to 11,000 mainly construction staff as it halted work at a new 3.3 billion US dollar, 6,400-room resort close to the Venetian. The firm blamed a freezing of the global credit markets for the delay. Macau has become a gambling paradise, with massive casinos springing up over the past few years, helping the city overtake the Las Vegas Strip in terms of revenue. But income has been battered as gamblers tighten their belts amid the global slowdown, while visa restrictions placed by Beijing on Chinese visitors have also hit revenues. Macau's casinos suffered a dismal second half of 2008, although the first three months of this year saw income rise for the first time in three quarters. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: Business China's CNPC poised for $3 bln dollar-bill issueReuters - 41 minutes ago Sharp posts 125.8 billion yen annual lossAP - 41 minutes ago BOJ FOCUS-Bank of Japan to predict deeper slump, hold ratesReuters - 43 minutes ago NEC Electronics, Renesas to merge chip businessesAP - 54 minutes ago US businesses fret China, US protectionism may riseReuters - 55 minutes ago Enlarge Photo Macau Sands casino up for sale: report Most Popular – Business Viewed Obama dominates in first 100 days 'Golden Girls' Beatrice Arthur, dead at 86 Charred meat linked to pancreatic cancer risk $1 tln at risk in German banks: report Downturn hits Elton John, Paul McCartney View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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