Las Vegas Sands Corp. (NYSE: LVS) and Fairmont Raffles Holdings International today announced the addition of 1,500 rooms 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 term sheet and expect to enter into binding definitive agreements before the end of the third quarter of 2006.
The deal outlines plans for Las Vegas Sands to develop and own a resort complex slated to feature 1,500 rooms that will be managed by Fairmont Hotels & Resorts and Raffles Hotels & Resorts, two of the luxury brands owned by Kingdom Hotels International and Colony Capital. Additionally, approximately 300,000 square-feet will be allotted for a Raffles branded, residential product. The complex will also feature entertainment and casino gaming facilities as well as retail space connected to the neighboring retail area. These facilities will all be owned and operated by Las Vegas Sands Corp.
“This completes our vision for the first phase of the Cotai Strip and we could not be happier with the quality of hotel companies that have joined with us in our pursuit of developing Asia’s Las Vegas(TM),” said Sheldon G. Adelson, chairman and chief executive officer of Las Vegas Sands Corp. “Fairmont and its owners, Colony Capital and Kingdom, are world-class organizations and it is truly an honor to have them as a part of our Cotai Strip family. We look forward to working with them and building a successful global tourism destination.”
“We are very excited about this transaction as it is the first announced Fairmont hotel in Asia and we welcome the opportunity to develop our project with an excellent partner such as Las Vegas Sands,” said William R. Fatt, Fairmont’s chief executive officer. “The prospect of simultaneously entering a new market with both the Fairmont and Raffles brands demonstrates the significant opportunities that exist for global expansion within our new company structure.”
“Sheldon Adelson is a true visionary in the gaming industry and his grand plans for Cotai demonstrate that clearly,” said Thomas J. Barrack, chairman and chief executive officer of Colony Capital. “We are pleased to be working with him and are delighted that the Fairmont and Raffles brands will be associated with this spectacular project.”
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, a Traders hotel and Hilton hotels.
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.
Las Vegas Sands Corp. is a hotel, resort, and gaming 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, The Venetian Macao Casino Resort in Macao and The Marina Bay Sands(TM) in Singapore.
Fairmont Raffles Holdings International
Fairmont Raffles Holdings International is owned by affiliates of Kingdom Hotels International and Colony Capital. The company owns and operates 120 hotels in 23 countries under the Fairmont, Raffles, Swissotel and Delta brands as well as vacation ownership properties managed by Fairmont Heritage Place. Fairmont Hotels & Resorts (http://www.fairmont.com) opens the doors to some of the world’s most celebrated addresses and promise travelers rich experiences and lasting memories in unparalleled settings through the collection’s 50 hotels in nine countries. Raffles Hotels & Resorts (http://www.raffles.com) is a collection of 9 luxury hotels located in major cities around the globe and distinguishes itself by the highest standards of products and services. Swissotel Hotels & Resorts (http://www.swissotel.com) is a distinctive group of 22 deluxe hotels for today’s discerning modern business and leisure traveler. Delta Hotels (http://www.deltahotels.com) is Canada’s largest first-class hotel management company, which manages and franchises 38 city center and resort properties in Canada.