Four Seasons Hotels and Resorts, Las Vegas Sands Corp. Finalize Cotai Strip(TM) Management Deal
18 January 2006 - 11:00PM
PR Newswire (US)
Luxury Hotel Company to Partner in 'Asia's Las Vegas'(TM) LAS
VEGAS, Jan. 18 /PRNewswire-FirstCall/ -- Las Vegas Sands Corp.
(NYSE:LVS) and Four Seasons Hotels and Resorts (TSX: FSH.SV; NYSE:
FS) announced today that the two companies have reached an
agreement in which Four Seasons Hotel and Resorts will manage a
400-room hotel being built by Las Vegas Sands Corp. on the Cotai
Strip in the People's Republic of China Special Administrative
Region of Macao. Four Seasons will manage the Hotel and the
serviced vacation suites, while Las Vegas Sands Corp. will operate
the casino within the Hotel. The parties have entered into an
exclusive non-binding Letter of Intent which sets forth all of the
material terms of the parties agreements. The parties expect to
enter into binding definitive agreements by the end of the second
quarter 2006. Connected to The Venetian Macao, which is currently
under construction on the Cotai Strip, Four Seasons Hotel Macao
will feature 400 luxurious hotel rooms; up to 600 Four
Seasons-serviced vacation suites; distinctive dining experiences;
full service spas, each featuring a wide array of amenities;
elegant and versatile meeting space and a spacious pool bar and
grill. The development will also include an upscale fashion mall
integrated into the Grand Canal Shoppes at The Venetian Macao.
"Watching the Cotai Strip take shape with some of the most
prominent names in the business is an awe-inspiring experience,"
said Sheldon G. Adelson, chairman and CEO of Las Vegas Sands Corp.
"The caliber of the companies that want to partner with us on this
project is extraordinary and we are honored that so many share our
vision to create Asia's Las Vegas." "Macao is fast emerging as an
international tourist and convention location," added Kathleen
Taylor, president of worldwide business operations, Four Seasons
Hotels and Resorts. "With the vision of Las Vegas Sands Corp., the
Cotai Strip promises to become an exciting destination, and is a
natural fit with our expansion plans in Asia. China and the entire
Asia Pacific region represent tremendous opportunities for Four
Seasons to bring our distinctive brand of genuine, caring service
experience to new places." In addition to the renowned Four Seasons
services and amenities, guests of Four Seasons Hotel Macao will
also enjoy unparalleled nightlife. The hotel will feature a lively
night club and a variety of chic lounges, all offering exceptional
entertainment options. The European style casino will cater to
high-end gaming with almost 50 tables and roughly 300 slot
machines. "Four Seasons Hotels and Resorts is a powerful addition
to the Cotai Strip development and represents yet another step in
building the ultimate travel destination, for business and leisure,
in this part of the world," said William P. Weidner, president and
chief operating officer of Las Vegas Sands Corp. Statements in this
press release which are not historical facts are "forward looking"
statements that are made pursuant to the Safe Harbor Provisions of
the Private Securities Litigation Reform Act of 1995. Forward-
looking statements involve a number of risks, uncertainties or
other factors beyond the Company's control, which may cause
material differences in actual results, performance or other
expectations. These factors include, but are not limited to general
economic conditions, competition, new ventures, government
regulation, legalization of gaming, interest rates, future
terrorist acts, insurance, and other factors detailed in the
reports filed by Las Vegas Sands Corp. with the Securities and
Exchange Commission. LAS VEGAS SANDS CORP. Las Vegas Sands Corp. is
a hotel, gaming, resort and exhibition/convention company
headquartered in Las Vegas, Nevada. The company owns The Venetian
Resort Hotel Casino and the Sands Expo and Convention Center, where
it hosts exhibitions and conventions, in Las Vegas and the Sands
Macao in the People's Republic of China Special Administrative
Region of Macao. The company is also developing additional casino
hotel resort properties, including The Palazzo Resort Hotel Casino
in Las Vegas and The Venetian Macao Casino Resort in Macao. For
more information, visit http://www.lasvegassands.com/. FOUR SEASONS
HOTELS AND RESORTS Dedicated to continuous innovation and the
highest standards of hospitality, Four Seasons invented luxury for
the modern traveler. From elegant surroundings of the finest
quality, to caring, highly personalized 24-hour service, Four
Seasons embodies a true home away from home for those who know and
appreciate the best. The deeply instilled Four Seasons culture is
personified in its employees -- people who share a single focus and
are inspired to offer great service. Founded in 1960, Four Seasons
has followed a targeted course of expansion, opening hotels in
major city centers and desirable resort destinations around the
world. Four Seasons entered the Asian market more than a decade ago
with its first hotel in Tokyo. Today, travelers will find Four
Seasons in major business centers and cultural destinations across
the region, including two hotels in Tokyo, two in Singapore, and
properties in Bangkok, Jakarta, Taipei, Shanghai and Hong Kong.
Leisure travelers can choose from a growing selection of unique
resort experiences in Asia, whether it's cruising the Maldives on
the Four Seasons Explorer, discovering the spirituality of Bali,
communing with elephants in Chiang Rai, or indulging in the
ultimate spa getaways in Chiang Mai and Langkawi. Currently with 68
hotels in 31 countries, and more than 20 properties under
development, Four Seasons will continue to lead luxury hospitality
with innovative enhancements, making business travel easier and
leisure travel more rewarding. For more information on Four
Seasons, visit http://www.fourseasons.com/. Contacts: Las Vegas
Sands Corp. Investment Community: Scott Henry, Chief Financial
Officer, (702) 733-5502 Media: Ron Reese, Executive Director of
Communications, (702) 414-3607 Four Seasons Hotels and Resorts
Elizabeth Pizzinato, Director, Corporate Public Relations, 1 (416)
441-4335 First Call Analyst: FCMN Contact: DATASOURCE: Las Vegas
Sands Corp.; Four Seasons Hotels and Resorts CONTACT: Investment
Community, Scott Henry, Chief Financial Officer, +1-702-733-5502,
or Media, Ron Reese, Executive Director of Communications,
+1-702-414-3607, both of Las Vegas Sands Corp.; or Elizabeth
Pizzinato, Director, Corporate Public Relations, Four Seasons
Hotels and Resorts, +1-416-441-4335 Web site:
http://www.lasvegassands.com/ http://www.fourseasons.com/
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