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Sands gets OK to sell Macau apartments

Wednesday - 6/5/2013, 5:59am  ET

HONG KONG (AP) -- Billionaire Sheldon Adelson's Chinese casino company has received long-awaited approval from the Macau government to sell apartments next to its flagship casino in the Asian gambling enclave.

Sands China said Wednesday that it received the green light for transfer rights allowing it to sell shares in the tower.

Sands China is controlled by Adelson's Las Vegas Sands Corp. The 30-story tower was largely completed in 2009. It sits next to Sands' Venetian casino-resort on Macau's Cotai Strip.

Union Gaming Research forecast the company would raise $775 million by selling 300 apartments in the co-op style building, which would be branded and serviced by Four Seasons.

Sands operates four casino-resorts in Macau, the world's biggest gambling market and the only place in China where casinos are legal.

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