Las Vegas Sands (NYSE:LVS) recently launched Sands Cotai Central, its fourth resort in Macau. The resort which is expected to be completed in 2013, would have 5,800 rooms, about 300,000 square feet of gaming space and 1.2 million square feet of shopping, entertainment, dining and convention facilities. The resort is expected to increase Macau’s total hotel capacity by 26%. . LVS is strategically strengthening its foothold in the region. LVS’ competitors including Wynn Resorts (NASDAQ:WYNN) and MGM Resorts International (NYSE:MGM) are also working towards expanding their presence in Macau.
The first phase featured about 1,800 rooms under the Conrad hotel brand and the Holiday Inn brand together with 340 gaming tables and 40 VIP rooms for high-rollers. The newest addition, would further solidify LVS’ position in Macau, which presently owns Venetian Macao, Sands Macao and Four Seasons Hotel in the region. According to our analysis, LVS’ Macau operations comprise the most significant factor driving the company’s share price, making up 50% of its valuation. LVS, which has invested more than $8 billion in Macau, is optimistic about the future potential of Macau. According to reports, it is seeking approval for another resort in the region.
We believe LVS would be able to leverage the timing of the newly launched resort. According to reports, until 2015, no casinos are expected to open in Macau due to the time needed for government approval and construction. 
- See: Las Vegas Sands Corp. eyes expansion in Spain, Calgary Herald [↩]
- Sands opens a $4.4B casino in booming Chinese city of Macau, Detroit Free Press [↩]