Las Vegas Sands celebrate progress on Cotai strip development
/PRNewswirel/ — As construction activity took place behind them, representatives from Las Vegas Sands Corp. Starwood Hotels & Resorts Worldwide, Inc. and Shangri La Hotels and Resorts today celebrated the progress being made on the Cotai Strip(TM) in the People’s Republic of China Special Administrative Region of Macao.
The Cotai Strip, which is currently being developed by Las Vegas Sands Corp., is a master-planned development of resorthotel industry. casino properties on an area of reclaimed land between the islands of Taipa and Coloane in Macao. The Cotai Strip will be home to a wide array of shopping, dining, and entertainment options, as well as 20,000 rooms branded by some of the most prestigious names in the
Both Starwood Hotels & Resorts Worldwide, Inc. and Shangri-La Hotels and Resorts were on hand to celebrate their upcoming presence in Macao. Starwood Hotels and Resorts will manage the approximately 4,000-room Sheraton Macao Hotel and more than 400 hotel rooms and an additional 1.2 million square feet of luxury-serviced apartments under the St. Regis brand. Shangri-La Hotels and Resorts will operate the 600-room Shangri-La Hotel, Macao and the 1,200- room Traders Hotel, Macao.
“It is such an exciting time for Las Vegas Sands and for me personally, as the vision I had over six years ago is clearly taking shape. With these great iconic hotel companies committed to this project and construction well underway it is impossible not to see the enormous potential of the Cotai Strip,” said Sheldon G. Adelson, chairman and chief executive officer of Las Vegas Sands Corp. “It is an honor to have the continued support of the government and other pillars of the hotel industry and I know, together, we will achieve great things in the future.”
Las Vegas Sands Corp. Executive Vice President Brad Stone, who oversees the teams responsible for designing and building each of the Cotai Strip properties, said the development timeline is right on track. “We were so busy with our design and pre-construction activities that we did not even hold a formal groundbreaking for these sites,” said Stone. “We are now at the point where you will visibly see the structure rise from the ground and take shape.”
Stone said Traders Hotel, Shangri-La Hotel, and the first phase of the Sheraton Macao Hotel, representing nearly 2,000 rooms, are on target to open in 2008. The St. Regis Hotel and the second phase of the Sheraton Macao are scheduled to open in 2009.
In addition to the construction progress, other key elements of the Cotai Strip continue to progress on a daily basis. “We are quickly establishing the critical mass needed to reposition Macao as a destination for shoppers, diners, entertainment-seekers and those looking for a wonderful place to hold their business meeting or convention,” said William Weidner, president and chief operating officer of Las Vegas Sands Corp.
Weidner said the progress in the entertainment and retail aspects has been significant. In addition to the Cirque du Soleil show planned for The Venetian Macao and an ongoing partnership with the NBA to provide a variety of international basketball events, the company is working to finalize deals to bring other exciting sporting events, popular touring shows, major concerts, and a variety of special events to the Cotai Strip. Weidner reported the same type of progress is being made on the retail front, as retailers remain excited about being a part of this destination.
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.
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