Hilton Hotels Set to Join with Las Vegas Sands in Asia's Las Vegas(TM)
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Hilton Hotels Set to Join with Las Vegas Sands in Asia's Las Vegas(TM)
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Category: North America & West Indies / Carribean islands -
This is a press release selected by our editorial committee and published online for free on 2006-03-20
Las Vegas Sands Corp. (NYSE: LVS) and Hilton Hotels (NYSE: HLT) announced today the addition of plans for a 1,200-room Hilton Hotel and a 300-room Conrad Hotel to the Cotai Strip(TM) currently being developed by Las Vegas Sands in the People's Republic of China Special Administrative Region of Macao. The parties have entered into a non-binding letter of intent and expect to enter into binding definitive agreements before the end of the second quarter of 2006.
"The desire to be a part of the Cotai Strip by some of the most prestigious brands in the hotel business has been gratifying as they realize the significance of this important development and do not want to miss out on this opportunity," said Sheldon G. Adelson, chairman and chief executive officer of Las Vegas Sands Corp. "As a recognized leader in the hospitality industry for over eighty years, Hilton Hotels has a legacy of strength, stability and innovation that has set an industry standard. We are proud to have them join us in completing the Cotai Strip."
The deal outlines plans for Las Vegas Sands to develop and own a resort complex slated to feature the 1,200-room Hilton Hotel and a 300-room Conrad Hotel, as well as 300,000 square-feet of Conrad branded vacation suites, all operated by Hilton Hotels Corporation. The complex will also feature retail, entertainment, and casino gaming facilities owned and operated by Las Vegas Sands Corp.
"We are absolutely delighted to partner with Las Vegas Sands in what we see as one of the most exciting tourism, gaming and hotel projects in the world," said Koos Klein, Hilton's President of Middle East and Asia Pacific. "Macau and the Cotai Strip is one of the most vibrant and fast growing gaming destinations in the world poised to turn into one of Asia's major Convention and Meetings destinations."
The Cotai Strip is a master planned development of resort and casino properties on Cotai, an area of reclaimed land between the islands of Taipa and Coloane in Macao. Las Vegas Sands has previously announced plans to develop other hotel projects including The Venetian Macao, which is currently under construction, a Four Seasons hotel, Starwood's Sheraton and St. Regis brands, a Shangri-La Hotel and a Traders hotel. Las Vegas Sands said it expects to make additional hotel, retail and entertainment announcements in the weeks ahead.
"Hilton was one of the first international hotels to be established in Asia and China forty years ago and is now the most recognized international brand in the region. Following the recent reunification of Hilton Hotels worldwide, our expansion plans for Asia are bolder than ever and will include all our Hilton Family Brands. The combined establishment of both the upscale Hilton brand and our luxury Conrad brand represents our biggest ever development in the region. The partnership with Las Vegas Sands is a great manifestation of our development strategy for China," added Koos Klein.
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.
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