Las Vegas Sands, one of the biggest gaming companies in the world, said Thursday that its proposed major project in southern China was approved by the Chinese government, but has not yet received a final green light.
Sands proposed Venetian Hengqin International Convention and Resort project will be in the city of Zhuhai, which is close to Asia's Las Vegas, Macau. In a recent statement Sands said the government has set up a "project coordination committee" to examine the proposal.
In response to the approval to develop the resort, Las Vegas Sands' stock price went up 11.3 percent Wednesday and closed at $102.81. The rise in stock price gained Sheldon Adelson, the company's majority stockholder, more than $2 billion.
The new project is expected to cost between $9 billion to $12 billion over the next 10 years and eventually cover around 80 million square feet of space. Sands plans to spend $400 million initially on the resort and have part of it open by the summer of 2008.
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