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LV Sands closes $1.75 billion in financing for Macau

21 May 2010

LAS VEGAS, Nevada -- Las Vegas Sands Corp. took a step toward restarting the company's Cotai Strip projects in Macau today, announcing it had closed $1.75 billion in project financing through its Chinese subsidiary.

Sands China Ltd. will use the funds to complete construction on the combined Shangri-La, Traders, and Sheraton resort complex on Cotai, which will add 6,000 hotel rooms to the region.

Company spokesman Ron Reese said preliminary work has already begun.

Las Vegas Sands halted construction of its Cotai Strip developments in November 2008 when the company ran into financial difficulties and had restructure its long-term debt. The company announced last year it was going to take steps to restart the projects.

"The additional capacity will open up a new and larger base of potential customers who, because of the size of the events, were not previously able to bring their meetings or conventions to Macau," Las Vegas Sands Chairman Sheldon Adelson said in a statement. "The completion of the … complex represents a critical next step in Macau's ability to both diversify its economy and further reach its potential as a full-scale leisure and business destination.

The first phase of the development is expected to open in the third quarter of 2011. It includes 3,700 hotel rooms and suites from the Shangri-La, Traders and Sheraton hotel brands and additional retail, gaming and meeting-convention facilities.

Phase two includes a 2,300-room Sheraton hotel tower, as well as other non-gaming amenities, and is expected to open approximately six months later.

Timing for the completion of a third phase, which includes plans for a St. Regis hotel and serviced-apartments, will be announced at a later date.