Las Vegas
Sands Chosen for Chinese Resort
Las Vegas Sands Corp. (NYSE:
LVS), the first American resort and gaming company
to operate in The People's Republic of China's
(PRC) Special Administrative Region of Macao,
announced today the company has been selected
by the Zhuhai Municipal People's Government
of the PRC to proceed with master planning the
development of a full-fledged convention-based/lifestyle
destination resort on Hengqin Island which will
complement its entertainment developments on
the Cotai Strip (TM) in Macao.
The Hengqin Island
resort development, located in the Guangdong
Province city of Zhuhai, will occupy more than
1,300 acres of land (5.2 square kilometers)
and be located less than one mile away from
Las Vegas Sands' Venetian Macao Hotel Resort
Casino currently being built on the master-planned
Cotai Strip in Macao.
"By
providing unparalleled resort, recreation, and
convention amenities, Macao and Zhuhai can reap
the rewards of the same strategy that has made
Las Vegas the world's top travel and tourism
destination," said Sheldon G. Adelson,
chairman and chief executive officer of Las
Vegas Sands Corp. "The Venetian Resort
changed Las Vegas through its unique combination
of upscale business and convention amenities
and leisure attractions, but the strategic combination
of non-casino tourism amenities located on Hengqin
Island with the entertainment attractions of
the Cotai Strip could create a tourism and convention
destination unrivaled anywhere in the world."
The
Hengqin Island resort development will feature
a diversified mix of leisure, tourism and convention
amenities including, first-class hotels and
villas, first-rate convention facilities, a
marina and yacht club, outdoor amphitheater,
and an impressive combination of golf, tennis,
fishing, and other leisure and recreational
activities. "The golf courses, tennis courts
and marine-based activities are not only integral
to the Hengqin Island development, but they
serve as significant amenities to the Cotai
Strip," said Adelson.
"The
development of Hengqin Island, in conjunction
with our destination mega-resorts under construction
on the Cotai Strip, will allow us to realize
government's vision of integrated economic development
in the Pan-Pearl River Delta region of China,"
said William P. Weidner, the company's president
and chief operating officer. "We see this
as a unique opportunity to maximize our business
potential and further broaden the appeal of
the region as a multi-faceted international
convention/tourism hub and extended-stay vacation
destination."
Weidner
signed a document with officials from the City
of Zhuhai and Guangdong Province during a signing
ceremony October 14 at the Hong Kong-Guangdong
Business Conference 2005 in San Francisco. The
agreement contemplates the scope of the investment
by Las Vegas Sands Corp. to exceed $1 billion
over three phases. The contemplated investment
in the first phase is estimated at $300 million.
While the agreement does not require the company
to make a significant expenditure of funds until
more definitive plans and contracts are agreed
upon, Las Vegas Sands will immediately begin
site investigation and master plan design activities
in anticipation of a final development plan
being completed. Weidner said "the timing
of the development fits perfectly with the development
cycle as it relates to the construction of Cotai
Strip."
Guangdong
Province is located in the southernmost part
of China's mainland and is the most populous
region in the country with 110 million residents.
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