LAS VEGAS, Nov 27, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Sands China Ltd., a subsidiary of Las Vegas Sands Corp. (NYSE: LVS),announced today that through one of its subsidiaries, it has now secured project financing commitments of $1.75 billion, which will be used to complete the first two phases of construction of the company's largest integrated resort on the Cotai Strip in Macau - featuring a combined 6,000 rooms and suites from the Shangri-La, Traders, and Sheraton hotel brands. The $1.75 billion total reflects an additional $300 million of commitments secured since the company originally announced the receipt of commitments for the financing of the project. In addition to the project financing, $500 million of the proceeds expected to be received when the global offering of Sands China Ltd's. shares are listed on the Hong Kong Stock Exchange will also be used to fund development and construction of the project. The combined figures represent the total amount of funding needed to complete the Shangri-La, Traders, Sheraton integrated resort complex.
"We feel gratified that in committing this capital, the investment community believes, as we always have, that Macau's future as a true leisure and business destination lies in the development of the Cotai Strip and its ability to offer a critical mass of hotel rooms, restaurants, retail, entertainment, and convention and exhibition facilities," said Mr. Sheldon G. Adelson, chairman of both Las Vegas Sands Corp. and Sands China Ltd.
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 international developer of multi-use integrated resorts.
The Las Vegas, Nevada-based company owns and operates The Venetian Resort-Hotel-Casino, The Palazzo Resort-Hotel-Casino, and the Sands Expo and Convention Center in Las Vegas and the Sands Casino Resort Bethlehem(TM) in Eastern Pennsylvania. The company also owns and operates The Venetian Macao Resort-Hotel and the Sands Macao in the People's Republic of China (PRC) Special Administrative Region of Macau. In addition, LVS owns the Four Seasons Hotel Macao and is also developing the Marina Bay Sands(TM) integrated resort in Singapore.
LVS is also creating the Cotai Strip(R), a master-planned development of resort-casino properties in Macau. At completion, the Cotai Strip will feature approximately 21,000 rooms from world-renowned hotel brands such as St. Regis, Sheraton, Shangri-La, Traders, Hilton, Conrad, Fairmont, Raffles, Holiday Inn, and InterContinental.
For more information, please visit www.lasvegassands.com.
Contacts: Investment Community: Daniel Briggs (702) 414-1221 Media: Ron Reese (702) 414-3607
SOURCE Las Vegas Sands Corp.
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