Two Hotels on the Cotai Strip in Macao; the 500 room Shangri-La Hotel, Macao
and the 1,000 room Traders Hotel, Macao
|LAS VEGAS, Nov. 1, 2005 - Las Vegas Sands Corp. (NYSE: LVS) announced
today that Asia Pacific's leading luxury hotel group, Shangri-La Hotels
and Resorts -- which manages 49 hotels and more than 22,000 rooms -- will
manage two hotels inside a 39-floor building being built by Las Vegas Sands
on the Cotai Strip(TM) in Macao, Special Administrative Region of the People's
Republic of China. Shangri-La Hotels will operate both the Shangri-La
Hotel, Macao and the Traders Hotel, Macao, while Las Vegas Sands Corp.
will own and operate the casino, showrooms, and retail shopping mall to
be housed in the same building. Las Vegas Sands Corp. also plans
to develop vacation suites within the hotel.
The combined 500-room Shangri-La Hotel and the 1,000-room Traders hotel, situated less than a three-minute drive from the Macao International Airport, will be located across from the 3,000-suite Venetian Macao, which is currently under construction on the Cotai Strip(TM).
"This is an exciting time for us as we put together the pieces needed to make the Cotai Strip(TM) a 'must see' destination for Asia's business and leisure travelers. Having one of Asia's most recognizable and dominant brands on board will help us do just that. We look forward to working with Shangri-La Hotels for years to come," said Sheldon G. Adelson, chairman and chief executive officer of Las Vegas Sands Corp.
Model of the proposed COTAI Strip
"By adding companies to the Cotai Strip(TM) that combine a significant presence in mainland China with a recognizable brand and a loyal following, we further enhance our ability to target and attract a variety of market segments and with it produce an unprecedented amount of convention and leisure travelers," said William P. Weidner, president and chief operating officer of Las Vegas Sands Corp.
The deluxe Shangri-La hotel will feature a full service business center; CHI, The Spa at Shangri-La; recreational facilities (including a health club and indoor and outdoor pools); and stylish dining. In addition, the hotel will offer several Horizon Club floors that offer exclusive privileges including dedicated concierge service, express check-in and check-out, complimentary meeting space and lounge for complimentary cocktails and refreshments. Traders Hotel, catering to the mid-market travel segment, will offer a comprehensive range of facilities and swift friendly services at competitive rates.
The thematically-designed building will be highlighted by a 100,000 square foot casino and a two-level retail mall. The hotels, which should open in 2008, will also feature significant meeting space -- consistent with a Las Vegas Sands' strategy focused on attracting Asia's burgeoning MICE (Meetings, Incentive, Convention, and Exhibition) business.
"There has been a tremendous growth in tourism to Macao in the last couple of years due to the destination's spectacular development and increasing appeal to mainland Chinese and international travelers," said Giovanni Angelini, chief executive officer and managing director of Shangri-La Hotel and Resorts. "Given the strong loyalty to the Shangri-La brand in the region, and our growing worldwide profile, we see great potential for our Macao properties."
The Cotai Strip is a master planned development of resort casino properties on Cotai, an area of reclaimed land between the islands of Taipa and Coloane in Macao. The Venetian Macao will occupy 10.5 million square feet of space and serve as the anchor of the Cotai Strip. The luxury resort will feature 3,000 suites, a 1.2 million square foot meeting and exhibition facility, a 2,000 seat showroom, 850,000 square feet of retail mall space, and a 15,000 seat arena.
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.
ABOUT LAS VEGAS SANDS CORP.
ABOUT SHANGRI-LA HOTELS AND RESORTS
Las Vegas Sands Corp.
|Also See:||Hotel Performance in Macau Is On its Way to Winning the Jackpot / Deloitte / April 2005|
|Revenue From Sands Macau Drives Earnings During Las Vegas Sands 2nd Qtr; Counters a Less-than-Stellar Quarter at The Venetian / August 2005|