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Venetian Macau Expected to Cost $1.8 Billion

24 November 2004

MACAU – As reported by the China Standard: "Amid a flurry of announcements of Macau casino projects by Hong Kong companies, American casino operator Las Vegas Sands is quietly raising the ante.

"In the fine print of a filing this week to United States securities regulators, the firm said it expects to spend US$1.8 billion (HK$14.04 billion) on its planned Venetian Macau casino resort, roughly doubling figures previously offered by its executives and dwarfing the budget of any other announced project in the territory.

"The resort is to resemble the company's flagship Venetian casino in Las Vegas where costumed gondoliers piloting indoor canals serenade guests. The first phase will include 1,500 suites and 546,000 square feet of gaming space, with a convention centre and another 1,500 suites to open later.

"…The filing also disclosed that Las Vegas Sands is still adding to the Sands Macau, its first casino in the territory, which opened in mid-May. The filing said the company is developing an extension to its casino floor that will add another 40 gaming tables and 200 slot machines to the 328 tables and 671 slots now in operation.

"…Las Vegas Sands made the filing to set a price range for its planned initial public stock offering, which it expects to generate US$466.3 million to help fund the Venetian Macau and other projects…"

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