The world's leading casino operator in terms of market value, Las Vegas Sands Corporation, has won the support of the Chinese government to develop a new resort on the island of Hengqin, according to the company.
While the situation looks promising for Las Vegas Sands, shares in the US-based group actually slipped in pre-market trading today (Thursday), as the news contradicted an analysts’ claims that the deal had been approved.
The corporation stressed that the project still awaits official approval, but the government of the city of Zhuhai has set up a group to help advance the plan.
"While the formation of a project co-ordination committee is a positive step forward, the project remains subject to governmental approvals customary for projects of this scale," Las Vegas Sands said in a statement.
Hengqin Island is located near the Chinese gambling capital of Macau.
