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Macau leader pressures casino operators
WSJ reports Macau's top leader used his first policy address Tuesday to pressure casino operators to solidify development plans on government-granted land—or risk losing it. In remarks to the press after his speech, Macau 's Chief Executive Fernando Chui said that "the government will follow legal procedures" to repossess any idle land being held by developers without concrete plans to develop it. "The whole process will be made very transparent, but the land has to be taken back and some of it will be used for social housing," Mr. Chui said in his remarks. Analysts largely wrote off the tough talk as political posturing, given complaints about rising property prices, but concern over construction delays in Macau is real. In Macau 's Cotai area, long seen as the primary growth area in the Chinese gambling territory, Las Vegas Sands unit Sands China (LVS) and Hong Kong-based Galaxy Entertainment shelved their expansion plans for over a year as the financial crisis forced the companies to reconsider their plans.
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