Also Signs Agreements for Hotels in Barbados, Shanghai and Taipei
|LAS VEGAS, Jan. 18, 2006 - Las Vegas Sands Corp. (NYSE: LVS) and Four
Seasons Hotels and Resorts (TSX: FSH.SV - News; NYSE: FS) announced today
that the two companies have reached an agreement in which Four Seasons
Hotel and Resorts will manage a 400-room hotel being built by Las Vegas
Sands Corp. on the Cotai Strip in the People's Republic of China Special
Administrative Region of Macao. Four Seasons will manage the Hotel and
the serviced vacation suites, while Las Vegas Sands Corp. will operate
the casino within the Hotel. The parties have entered into an exclusive
non-binding Letter of Intent which sets forth all of the material terms
of the parties agreements. The parties expect to enter into binding definitive
agreements by the end of the second quarter 2006.
Connected to The Venetian Macao, which is currently under construction on the Cotai Strip, Four Seasons Hotel Macao will feature 400 luxurious hotel rooms; up to 600 Four Seasons-serviced vacation suites; distinctive dining experiences; full service spas, each featuring a wide array of amenities; elegant and versatile meeting space and a spacious pool bar and grill. The development will also include an upscale fashion mall integrated into the Grand Canal Shoppes at The Venetian Macao.
"Watching the Cotai Strip take shape with some of the most prominent names in the business is an awe-inspiring experience," said Sheldon G. Adelson, chairman and CEO of Las Vegas Sands Corp. "The caliber of the companies that want to partner with us on this project is extraordinary and we are honored that so many share our vision to create Asia's Las Vegas."
"Macao is fast emerging as an international tourist and convention location," added Kathleen Taylor, president of worldwide business operations, Four Seasons Hotels and Resorts. "With the vision of Las Vegas Sands Corp., the Cotai Strip promises to become an exciting destination, and is a natural fit with our expansion plans in Asia. China and the entire Asia Pacific region represent tremendous opportunities for Four Seasons to bring our distinctive brand of genuine, caring service experience to new places."
In addition to the renowned Four Seasons services and amenities, guests of Four Seasons Hotel Macao will also enjoy unparalleled nightlife. The hotel will feature a lively night club and a variety of chic lounges, all offering exceptional entertainment options. The European style casino will cater to high-end gaming with almost 50 tables and roughly 300 slot machines.
"Four Seasons Hotels and Resorts is a powerful addition to the Cotai
Strip development and represents yet another step in building the ultimate
travel destination, for business and leisure, in this part of the world,"
said William P. Weidner, president and chief operating officer of Las Vegas
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.
LAS VEGAS SANDS CORP.
FOUR SEASONS HOTELS AND RESORTS
Four Seasons Hotels and Resorts
|Also See:||Las Vegas Sands Corp. Contracts with Shangri-La Hotels and Resorts to Manage Two Hotels on the Cotai Strip in Macao; the 500 room Shangri-La Hotel, Macao and the 1,000 room Traders Hotel, Macao / November 2005|
|First Phase of Macao's COTAI Strip Scheduled to Open in 2007 -- Includes Seven Resort Hotels Comprising of 10,000 Guest Rooms; The $1.8 billion Venetian Macao will Serve as the Anchor / March 2005|