Liquidity is once again available for companies looking to develop leisure assets in Asia, as Sands China has demonstrated with its recent US$2.5bn listing on the Hong Kong Stock Exchange. The proceeds, together with US$1.75bn in bank financing, will help the company resume construction of its 13.3m square foot casino-resort in Macau's Cotai Strip district. Financial constraints had halted work on the project in November 2008.

Macau is the only Chinese city where gambling is legal, and the city becoming an attractive destination for casinos such as Las Vegas Sands, Wynn Resorts and MGM Mirage has meant plenty of work for both domestic and international law firms. Macau generated US$13.5bn of gross gaming revenue last year, more than double the revenue generated by the Las Vegas strip.

Sands China was advised by law firm MWE China on its Chinese subsidiaries. The firm, featured in the ALB China Watchlist as one of the 10 firms to watch in 2009, has strategically shifted its practice focuses according to business trends: Focusing on M&A and capital markets, it is also keeping an eye on international dispute resolution and IP.

Meanwhile international firms like Freshfields and Davis Polk continue to benefit from the resurgence of Hong Kong’s capital markets. The two firms have advised on numerous listings in 2009, including Evergrande’s US$780m IPO and Metallurgical Corporation of China’s US$5.3bn IPO, respectively.

Also, Sands China’s rival company Wynn Resorts held its US$1.6bn IPO for its Macau assets in October this year. Wynn was advised by Skadden, Alexandre Corriere de Silva and Maples and Calder.

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