Macao SAR of the People’s Republic of China
(October 22, 2008) – Las Vegas Sands Corp. (NYSE: LVS) announced
today that the government of the Special Administrative Region of Macao has approved
the legal separation of the company’s Four Seasons apartment hotel tower from
the other components of its Four Seasons parcel on the Cotai Strip®.
The legal separation of the property will allow the company to transfer the
apartment hotel building into a separate cooperative holding company and to sell
cooperative interests in the tower in a manner similar to the way apartment
units are sold in New York City and other international locations. In addition, the approval from the Macao
government clears the way for the company to monetize the cash flow generated
by The Shoppes at Four Seasons, its 200,000 square foot luxury retail mall,
which is also located on the Four Seasons parcel.
company’s strategic business plan has always anticipated the sale of apartments
in either the condominium or cooperative form of ownership, as well as the
monetization of the cash flow from our retail malls, to de-leverage our balance
sheet or to provide the additional funding required to build our future developments,”
said Sheldon G. Adelson, chairman and chief executive officer of Las Vegas
Sands Corp. “I am very pleased that we have gotten through this process and
look forward to executing on this monetization strategy in accordance with our
Adelson added that in anticipation of this government approval, the company began
taking reservations several weeks ago from its waiting list and has now
accepted reservations for nearly 22 percent (representing 65 units) of the
project at prices averaging over USD $1,700 per square foot. He also noted that approximately two-thirds
of the reservations have come from persons who reside outside of Mainland
China, Hong Kong, and Macao.
for units in the apartment hotel are non-binding and the related deposits are fully
refundable pending the completion of the apartment hotel tower’s final cooperative
Adelson added, “While we acknowledge that the current financing environment is
less than ideal, we believe the uniqueness of the product, together with its
premier location and its Four Seasons branding and service, will incentivize
the premium buyer that is able to remain active in any market environment.”
He said vacation products like the Four
Seasons vacation units represent another important component of its Cotai Strip®
offering, which also features expansive shopping malls, state-of-the-art
meeting and convention facilities, premium hotel product, and world-class
entertainment like Cirque du Soleil®.
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
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 Venetian Macao Resort-Hotel and the Sands Macao
in the People’s Republic of China (PRC) Special Administrative Region of Macao.
The company is currently constructing two additional integrated resorts: Sands Casino
Resort Bethlehem in Bethlehem, Pennsylvania; and The Marina Bay Sands™ in
LVS is also creating the Cotai Strip®, a
master-planned development of resort-casino properties in Macao.