SOURCE: Las Vegas Sands

Las Vegas Sands

December 20, 2010 02:25 ET

Sands China Nearing Approval Allowing for Sale of Co-Op Shares

MACAU--(Marketwire - December 20, 2010) - Sands China Ltd. (SCL), a majority-owned subsidiary of Las Vegas Sands Corp. (NYSE: LVS), announced today it has received a letter from the Macau Land, Public Works and Transport Bureau which its Macau counsel advises should clear the way for the company to start preparing for the sale of shares in co-op fashion to prospective buyers interested in having a Four Seasons-branded apartment at the Cotai Strip in Macau. The letter states that "...the process is at its final proceeding..." and that after its approval the government will provide the company a draft contract finalizing the approval process. The draft contract is also expected to be issued very shortly. 

"We truly appreciate the government's diligence in addressing this matter and we are optimistic that a resolution could be forthcoming very quickly," said Mr. Sheldon G. Adelson, chairman of both Sands China Ltd. and Las Vegas Sands Corp. "The company has been inquiring of prospective buyers over many months and has accelerated the inquiries to ascertain the viability of a concentrated sales effort starting after the first of the year." 

"The reaction from prospective buyers is very positive and company management is optimistic that our anticipated pricing will be well-received," he concluded.

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, 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.

Contact Information

  • Las Vegas Sands Contacts:

    Investment Community:
    Daniel Briggs
    (702) 414-1221

    Media:
    Ron Reese
    (702) 414-3607