Las Vegas Sands Corp. Signs Shangri-La Hotels and Resorts to Management Deal
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Las Vegas Sands Corp. Signs Shangri-La Hotels and Resorts to Management Deal
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Category: Asia Pacific
This is a press release selected by our editorial committee and published online for free on 2005-11-07
Progress on Cotai Strip(TM) Continues as Las Vegas Sands Corp. Signs Shangri-La Hotels and Resorts to Management Deal
Prominent Asian Hotel Operator Perfect Fit for 'Asia's Las Vegas'(TM)
LAS VEGAS, Nov 01, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- 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.
"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. 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, including The Palazzo Resort Hotel Casino in Las Vegas and The Venetian Macao Casino Resort in Macao.
ABOUT SHANGRI-LA HOTELS AND RESORTS
Hong Kong-based Shangri-La Hotels and Resorts, Asia Pacific's leading luxury hotel group, currently manages 49 hotels under the five-star Shangri-La and four-star Traders brands, with a rooms inventory of over 22,000. The group has 40 projects under development in Canada, mainland China, India, Malaysia, Maldives, Oman, Philippines, Qatar, Thailand, United Arab Emirates, United Kingdom and the United States. For more information and reservations, please contact a travel professional or access the website at www.shangri-la.com.
Contacts:
Investment Community: Scott Henry, Chief Financial Officer, (702) 733-5502
Media: Ron Reese, Executive Director of Communications, (702) 414-3607
SOURCE Las Vegas Sands Corp.
http://www.prnewswire.com
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