LAS VEGAS, NV, Mar 01, 2010 (MARKETWIRE via COMTEX News Network) -- Las Vegas Sands Corp. (NYSE: LVS) said today that recent rumors of the company's supposed interest in selling its Sands Casino Resort Bethlehem property, or indefinitely delaying the completion of the hotel and other components of the development, are unfounded and contrary to that, the company has already mobilized its development team in the region and could restart construction on the 300-room hotel tower within the next several weeks, or as soon as subcontractors are lined up and activated.
"We are looking forward to reviewing our table games application with the Gaming Control Board, and at the same time we have undertaken efforts which will result in construction resuming on the hotel portion of the development in the very near future," said Las Vegas Sands Chairman and Chief Executive Officer Sheldon G. Adelson.
"With the addition of table games, Sands Bethlehem will become the most complete and convenient gaming destination for millions of New York City and northern New Jersey residents and, at the same time, enhance the profitability of the property starting in the foreseeable future," said Mr. Adelson.
Mr. Adelson said the company would assess restarting construction on the remaining aspects of the development, including the retail space and multi-purpose facilities, while it prepares for table games and the resumption of construction on the hotel tower.
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 global developer of integrated resorts - destination properties which feature premium accommodations, world-class gaming and entertainment, convention and exhibition facilities, celebrity chef restaurants, and many other amenities.
The Venetian and The Palazzo, both Five-Diamond luxury resorts on the Las Vegas Strip, are among the company's properties in the United States. Marina Bay Sands, the company's iconic project currently under development in Singapore, will open in the second quarter of 2010.
Through its majority-owned subsidiary Sands China Ltd, the company also owns a portfolio of properties in Macau, including The Venetian Macao, Four Seasons Hotel Macao and the Four Seasons-branded serviced-apartments on the Cotai Strip(TM), as well as the Sands Macao Hotel on the Macau peninsula.
The Cotai Strip is a master-planned development of destination resort properties where the company is currently constructing a 6,400-room complex which will feature the Shangri-La, Traders, Sheraton, and St. Regis hotel brands and is scheduled to open in 2011.
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
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