Four Seasons Hotels and Resorts, Las Vegas Sands Corp. Finalize Cotai Strip(TM) Management Deal
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Four Seasons Hotels and Resorts, Las Vegas Sands Corp. Finalize Cotai Strip(TM) Management Deal
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Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2006-01-19
Las Vegas Sands Corp. (NYSE: LVS) and Four Seasons Hotels and Resorts (TSX: FSH.SV; 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 Sands Corp.
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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