COTAI Strip(TM) Draws 'Dream Team' of International
Hotel Brands, Leading Investors
March 17th, 2005
Accompanied at a press conference today by executives
from world-renowned hotel brands and leading investment companies, Las
Vegas Sands Corp. LVS provided a new look into its development of a Las
Vegas-style strip in Macao. "COTAI Strip(TM) Macao is destined to become
Asia's Las Vegas(TM). By assembling a critical mass of world-class hotel
brands this development will reposition Macao as an international tourist
and convention and exhibition destination," said Mr. Sheldon G. Adelson,
chairman and chief executive officer of Las Vegas Sands Corp. "Thanks
to the efforts of the assembled group of world-renowned hotel brands and
regional and local investors, and especially the Macao government, the
vision of the COTAI Strip is clearly taking shape."
Mr. Adelson, the visionary
behind the COTAI Strip, said the project will likely be the single largest
mixed-use tourism development ever constructed simultaneously. While unveiling
a massive model of the proposed COTAI Strip, Mr. Adelson said the first
phase of the strip is scheduled to open in 2007 -- a phase which will
feature seven resort hotels comprising more than 10,000 guest rooms set
amidst lush tropical landscapes. Joining Las Vegas Sands executives in
Macao were representatives from hotel companies Dorsett Hotel Group, Four
Seasons Hotels and Resorts, Hilton Hotels (Hilton, Conrad, Scandic), InterContinental
Hotels Group (InterContinental, Holiday Inn), Marriott International (Marriott,
Renaissance), Regal Hotels and Starwood Hotel and Resorts Worldwide (Sheraton,
"Never have so many recognizable brands assembled in one place at
one time to create a new international tourism destination almost over
night," said William P. Weidner, LVS president and chief executive officer.
"It took 75 years for Las Vegas to emerge as an international destination.
Our intention is to replicate that feat in less than three years, and
Las Vegas Sands is working closely with all of the hotel companies and
investors to conclude their arrangements and realize this vision." 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. In addition to the 10,000 guest rooms, the first phase of the
COTAI Strip will offer a critical mass of business, leisure and entertainment
attractions, including world class meetings and convention facilities,
over 20,000 seats of live entertainment in eight separate theater venues
and the most modern and exciting casinos in Asia.
Mr. Weidner said the
$1.8 billion Venetian Macao, which is currently under construction and
is scheduled to open in early 2007, will occupy 10.5 million square feet
of space and will serve as the anchor of the COTAI Strip. At completion,
the luxury resort will feature 3,000 suites, one million square feet of
meeting and exhibition space, 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. 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.
ABOUT LAS VEGAS SANDS CORP.
Las Vegas Sands Corp. is a hotel, gaming, resort and exhibition/convention
company headquartered in Las Vegas, Nevada. The company owns The Venetian
Resort Hotel Casino and the Sands Expo and Convention Center, where it
hosts exhibitions and conventions, in Las Vegas and the Sands Macao in
the People's Republic of China Special Administrative Region of Macao.
The company is also developing additional casino hotel resort properties
in Macao, including The Venetian Macao Casino Resort.
The "COTAI Strip"
and "Asia's Las Vegas" marks are trademarks of Las Vegas Sands Corp.
Investment Community: Scott Henry, Chief Financial Officer, (702) 733-5502
Ron Reese, Director of Corporate Communications, (702) 414-3607
Copyright © 2005 PRNewswire
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