After months of discussions and negotiations, the Far East Consortium has developed an agreement to develop a multi-hotel complex on the Cotai Strip in Macau, an area described as the Special Administrative Region of the People’s Republic of China.
The hotel complex will include an Intercontinental Hotel, a Holiday Inn and Far East brands of Cosmopolitan and Dorsett hotels.
Anchoring the Cotai Strip will be the 10.5 million square foot Venetian Macau Hotel Resort Casino that according to owner Las Vegas Sands Corp. (LVS), is scheduled to open in 2007. Also, Las Vegas Sands will own and operate the casinos and showrooms with the podium complex supporting the multi-hotel area.
Definitive agreements for the construction are being finalized. They are expected to be executed in early 2006.
"Far East Consortium has been a dedicated partner in our effort to create Asia’s Las Vegas," said Bill Weidner, president and COO of Las Vegas Sands.
"Their experience and track record in Asia will enable them to play a key role in the success of the Cotai Strip." He added that he was confident the project ultimately will become a "must see" destination for Asia’s business and leisure travelers.
Weidner’s comments were underscored by David Chiu, deputy chairman and CEO of Far East Consortium International Limited.
"After two years of detailed planning," Chiu said, "we are excited to see the groundbreaking of our Macau project in early 2006. Teaming up with a strong partner, Las Vegas Sands Corp., and with the support of the Macau government, we are confident to believe that the Cotai Strip will become one of the most exciting business and leisure traveling destinations in Asia."