Las Vegas Sands Corp. (NYSE:LVS) announced today that the Office of the Zhuhai Municipal People's Government, People's Republic of China (PRC), has issued an official letter informing the company that the Zhuhai Government has now established a Project Coordination Committee specifically related to the company's proposed development of The Venetian Hengqin International Convention and Resort Project in Zhuhai.
The function of a Project Coordination Committee is to act as the government liaison empowered to work directly with the developer to advance the development of a project. While the formation of a Project Coordination Committee is a positive step forward, the project remains subject to governmental approvals customary for projects of this scale in China.
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