SOURCE: Las Vegas Sands

Las Vegas Sands

August 03, 2011 08:50 ET

Las Vegas Sands Corp. to Redeem Outstanding Preferred Shares

LAS VEGAS, NV--(Marketwire - Aug 3, 2011) - Las Vegas Sands Corp. (NYSE: LVS) today announced that its Board of Directors has approved the redemption of all of its outstanding 10% Series A Cumulative Perpetual Preferred Stock (Preferred A Shares) on November 15, 2011, which is the earliest date upon which the shares may be redeemed.

Following the redemption of the Preferred A Shares, the company expects to realize savings of more than $76 million per year in dividend payments.

Sheldon G. Adelson, chairman and chief executive officer, stated, "The redemption of the Preferred A Shares represents a significant milestone in the continued execution of our deleveraging strategy. The redemption will both eliminate the most expensive obligation on the balance sheet of the company and position us to execute additional measures to optimize our capital structure and enhance returns to shareholders in the future."

About Las Vegas Sands Corp.

Las Vegas Sands Corp. (NYSE: LVS) is a Fortune 500 company and the leading global developer of destination properties (integrated resorts) that feature premium accommodations, world-class gaming and entertainment, convention and exhibition facilities, celebrity chef restaurants, and many other amenities.

THE VENETIAN® and THE PALAZZO®, Five-Diamond luxury resorts on the Las Vegas Strip, and Sands Bethlehem in Eastern Pennsylvania are the company's properties in the United States. In Singapore, the iconic MARINA BAY SANDS® is the most recent addition to the company's portfolio.

Through its majority-owned subsidiary Sands China Ltd., the company also owns a collection of properties in Macau, including THE VENETIAN® Macao, Four Seasons Hotel Macao and the Four Seasons-branded serviced-apartments at its COTAI STRIP® development, as well as the SANDS® Macao on the Macau peninsula.

The company is currently constructing a 6,400-room complex at the COTAI STRIP, which will feature the Sheraton and St. Regis hotel brands.

Las Vegas Sands is also committed to global sustainability through its SANDS Eco 360 program and is an active community partner through its various charitable organizations.

Contact Information

  • Contacts:
    Investment Community:
    Daniel Briggs
    (702) 414-1221

    Media:
    Ron Reese
    (702) 414-3607