Las Vegas Sands ( LVS) said it hasn't yet received Chinese government approval for its proposed Hengqin Island project in Macau, contradicting an analyst report that sent the stock surging on Wednesday. Instead, the casino operator said it received a letter saying that the Zhuhai government established a project coordination committee for the proposed resort. The committee acts as the government liaison empowered to work directly with the developer to advance the development of a project. On Wednesday, shares of Las Vegas sands jumped 11% after an analyst said the company received final approval for the Hengqin Island development. Las Vegas Sands, however, said late Wednesday that while the formation of the committee is a positive step forward, "the project remains subject to governmental approvals customary for projects of this scale in China." Shares of Las Vegas Sands were giving back some of Wednesday's big gains, recently falling $3.55, or 3.5%, to $99.26. The Hengqin project is expected to bring big profits to Las Vegas Sands. Macau -- China's only legalized gambling area -- is expected to one day pass Las Vegas as the world's largest gaming market. Las Vegas Sands already operates a very profitable casino in Macau, and will open a second casino in the region -- the Venetian Macau -- later this year.