Las Vegas Sands secures financing for Macau resorts

Nov 27, 2009 7:34 PM
by GT Staff | Sheldon Adelson’s Las Vegas Sands Corporation (LVS) announced today that it has secured project financing commitments of $1.75 billion, which will be used to complete the first two phases of construction of the company’s largest integrated resort on the Cotai Strip in Macau.

The funds will be used to complete a string of hotel/casinos along the Cotai Strip, consisting of a combined 6,000 rooms and suites from the Shangri-La, Traders, and Sheraton hotel brands

The $1.75 billion total reflects an additional $300 million of commitments secured since the company originally announced financing of the project.

"We feel gratified that in committing this capital, the investment community believes, as we always have, that Macau’s future as a true leisure and business destination lies in the development of the Cotai Strip and its ability to offer a critical mass of hotel rooms, restaurants, retail, entertainment, and convention and exhibition facilities," said Sheldon G. Adelson, chairman of both Las Vegas Sands Corp. and Sands China Ltd.

Based in Las Vegas, Las Vegas Sands owns and operates The Venetian Resort-Hotel-Casino, The Palazzo Resort-Hotel-Casino, and the Sands Expo and Convention Center in Las Vegas, and the Sands Casino Resort Bethlehem(TM) in Eastern Pennsylvania.

The company also owns and operates The Venetian Macao Resort-Hotel and the Sands Macao in the People’s Republic of China (PRC) Special Administrative Region of Macau. In addition, LVS owns the Four Seasons Hotel Macao and is also developing the Marina Bay Sands(TM) integrated resort in Singapore.

LVS is also creating the Cotai Strip, a master-planned development of resort-casino properties in Macau. At completion, the Cotai Strip will feature approximately 21,000 rooms from world-renowned hotel brands such as St. Regis, Sheraton, Shangri-La, Traders, Hilton, Conrad, Fairmont, Raffles, Holiday Inn, and InterContinental.