The global financial downturn has not passed over Macau, the world’s biggest gaming market. But work on four hotels of the 70% complete Las Vegas Sands development, stalled in November, is on course to begin again by the end of the year if the developer obtains financing to complete the $12-billion project, which includes an 1,800-room Sheraton and three casinos on reclaimed land known as the Cotai Strip. Rival Melco PBL Entertainment has raised $200 million in the U.S. to repay debts and accelerate repayments due on a $1.75-billion construction loan for the partially built $2.1-billion urban entertainment resort development,
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.