Macau turns down Sands’ request for land rights

LOS ANGELES (BestGrowthStock) – The government of Macau has turned down an application by Las Vegas Sands Corp’s (LVS.N: ) China unit to build on two land parcels located on a portion of the Chinese gambling enclave known as Cotai.

Shares of Sands were down 6.5 percent on the New York Stock Exchange on Thursday. Trading in shares of Hong Kong-listed Sands China (1928.HK: ) was suspended.

Sands said in a regulatory filing that the Macau government did not approve its application for two Cotai sites known as parcels 7 and 8.

It said it had 15 days to apply to the chief executive of Macau for a review of the decision, and had 30 days to appeal it in the Macau courts.

Sands has three casinos in Macau and is working on two other Cotai resort sites, known as parcels 5 and 6. But that construction work has been delayed, first by the financial crisis and more recently by labor issues.

The company’s shares were down $3.34 to $48.00 in New York.

(Reporting by Deena Beasley; editing by John Wallace)

Macau turns down Sands’ request for land rights