Sands China applies for deadline extension | Company still committed to open Parisian in 2016

Sands China Ltd has applied for a deadline extension to complete The Parisian Macao, according to an interim report filed with the Hong Kong Stock Exchange last week.
“We have applied for an extension from the Macau government to complete the Parisian Macao, as we believe we will be unable to meet the April 2016 deadline,” Sands China said in the report.
In a written reply to The Times yesterday, the company reiterated its intent to open The Parisian Macao in the second half of 2016.
The casino operator last week issued its interim results for the six months ending June 30.
In the report, Sands indicated that it would also consider applying for a deadline extension for the Sands Cotai Central development, in case they determine that they are unable to meet the December 2016 deadline.
Sands China pointed out that if deadline extensions are not granted, the company could risk losing its land concessions for The Parisian Macao and Sands Cotai Central.
“If we are unable to meet the Sands Cotai Central deadline and the deadlines for either development are not extended, we could lose our land concessions for The Parisian Macao or Sands Cotai Central, which would prohibit us from operating any facilities developed under the respective land concessions,” it reads.
Sands China concluded: “As a result, the Group could record a charge for all, or some portion of, the USD1.18 billion or USD4.78 billion in capitalized construction costs, including land, as at June 30, 2015, related to The Parisian Macao and Sands Cotai Central, respectively.”
“As a listed company in Hong Kong, Sands China Ltd has disclosed related information about the progress of The Parisian Macao project, and the company has no further information to supplement at this time,” the operator said yesterday, stressing that, “It aims to open The Parisian Macao in the second half of 2016.”
The Parisian Macao, the operator’s USD2.7 billion Paris-themed resort, includes a gaming area and a hotel with over 3,000 rooms, as well as retail, entertainment, dining and conference facilities. CP