SOURCE: Las Vegas Sands

Las Vegas Sands

May 20, 2010 08:59 ET

Next Phase of COTAI STRIP Development on Track With Completion of $1.75 Billion Project Financing

LAS VEGAS, NV--(Marketwire - May 20, 2010) -  Sands China Ltd., a subsidiary of Las Vegas Sands Corp. (NYSE: LVS), today announced the successful closing of a $1.75 billion project financing which will be used to complete construction on the combined Shangri-La, Traders, and Sheraton resort complex (parcels 5 & 6) at the company's COTAI STRIP® development in Macau.

"The completion of the Shangri-La, Traders, and Sheraton complex represents a critical next step in Macau's ability to both diversify its economy and further reach its potential as a full-scale leisure and business destination," said Mr. Sheldon G. Adelson, chairman of Las Vegas Sands and Sands China Ltd. "The additional 6,000 hotel rooms are especially important in growing the meeting and convention business in Macau. The additional capacity will open up a new and larger base of potential customers who, because of the size of the events, were not previously able to bring their meetings or conventions to Macau."

Mr. Adelson said he expects the first phase of the development, which will feature approximately 3,700 hotel rooms and suites from the Shangri-La, Traders and Sheraton hotel brands and additional retail, gaming and meeting/convention facilities, to open in the third quarter of 2011. Phase two includes a 2,300-room Sheraton hotel tower, as well as other non-gaming amenities, and is expected to open approximately six months later. Timing for the completion of a third phase, which includes plans for a St. Regis hotel and serviced-apartments, will be announced at a later date.  

Statements in this press release, which are not historical facts, are "forward-looking" statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the Company's control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to general economic conditions, competition, new ventures, government regulation, legalization of gaming, interest rates, future terrorist acts, insurance, and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Las Vegas Sands Corp. assumes no obligation to update such information.

ABOUT LAS VEGAS SANDS CORP.

Las Vegas Sands Corp. (NYSE: LVS) is 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, are among 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 Shangri-La, Traders, 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.

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