Las Vegas Sands Corp. and Far East Consortium Move Forward with Cotai Strip Project
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Las Vegas Sands Corp. and Far East Consortium Move Forward with Cotai Strip Project
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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 2005-12-22
Las Vegas Sands Corp. (NYSE: LVS) and Far East Consortium International Limited (HKSE: 0035.HK) have reached agreement on all the commercial terms necessary for Far East to build a multi-hotel complex -- which will include an Intercontinental Hotel, Holiday Inn and Far East hotel brands Cosmopolitan and Dorsett -- on the Cotai Strip(TM) in Macao, Special Administrative Region of the People's Republic of China.
Under the terms of the agreement, Far East Consortium will develop the complex and will work with the hotel brands to manage the five hotels on the property. Las Vegas Sands will own and operate the casinos and showrooms within the podium complex supporting the hotels. The definitive agreements are being finalized and the parties expect to execute them early in the New Year.
"Far East Consortium has been a dedicated partner in our effort to create "Asia's Las Vegas(TM)," said William Weidner, president and chief operating officer of Las Vegas Sands Corp. "Their experience and track record in Asia will enable them to play a key role in the success of the Cotai Strip. We are confident that they will help us develop a 'must see' destination for Asia's business and leisure travelers and we look forward to a long and prosperous relationship."
"After two years of detailed planning, we are excited to see the groundbreaking of our Macau project in early 2006. Teaming up with a strong partner, Las Vegas Sands Corp., and with the support of the Macau government, we are confident to believe that the Cotai Strip will become one of the most exciting business and leisure traveling destinations in Asia," said Tan Sri Dato' David Chiu, deputy-chairman and chief executive officer of Far East Consortium International Limited.
The Cotai Strip is a master planned development of resort casino properties on an area of reclaimed land between the islands of Coloane and Taipa in Macao. In addition to 10,000 guest rooms, the first phase of the Cotai Strip is expected to offer a critical mass of business, leisure and entertainment attractions, including world class meeting and convention facilities, over 20,000 seats of live entertainment in eight separate theater venues and the most modern and exciting casinos in Asia.
The Cotai Strip will be anchored by the 10.5 million square foot Venetian Macao Hotel Resort Casino, which is scheduled to open in 2007. In addition to the Far East property and its hotel brand partners, Las Vegas Sands has previously announced that Shangri-La Hotels and Resorts will operate the Shangri-La Hotel, Macao and the Traders Hotel, Macao in a Las Vegas Sands-owned building across from The Venetian Macao.
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.
ABOUT LAS VEGAS SANDS CORP.
Las Vegas Sands Corp. is a hotel, gaming, resort and exhibition/convention company headquartered in Las Vegas, Nevada. The company owns The Venetian Resort Hotel Casino and the Sands Expo and Convention Center, where it hosts exhibitions and conventions, in Las Vegas and the Sands Macao in the People's Republic of China Special Administrative Region of Macao. The company is also developing additional casino hotel resort properties, including The Palazzo Resort Hotel Casino in Las Vegas and The Venetian Macao Casino Resort in Macao.
ABOUT FAR EAST CONSORTIUM INTERNATIONAL LIMITED
Far East Consortium International Limited has been listed in Hong Kong since 1972. The Company is principally engaged in property development and hotel operations in Greater China. The Company is committed to be a top developer in China primarily targeting the middle class customers and to be a leading hotel group in Hong Kong and Greater China. Presently, the Company owns and operates six hotels in Asia with two additional hotels opening soon in Hong Kong.
Contacts:
Investment Community: Scott Henry, Chief Financial Officer, Las Vegas Sands Corp., (702) 733-5502
Bill Mok, Chief Financial Officer, Far East Consortium International Ltd, (852) 2850-0618
Media: Ron Reese, Executive Director of Communications, Las Vegas Sands Corp., (702) 414-3607
SOURCE Las Vegas Sands Corp; Far East Consortium International Limited has
12/21/2005
CONTACT: Investment Community - Scott Henry, Chief Financial Officer, Las Vegas Sands Corp., +1-702-733-5502; Bill Mok, Chief Financial Officer, Far East Consortium International Ltd, +852-2850-0618; Media - Ron Reese, Executive Director of Communications, Las Vegas Sands Corp., +1-702-414-3607
Web site: http://www.venetian.com
(LVS)
12/21/2005 08:00 EST http://www.prnewswire.com
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