Las Vegas Sands Corp. today said its Asian subsidiary closed on $1.75 billion of financing for the development of projects with another 6,000 hotel rooms and gaming and convention components in the Chinese gambling district of Macau.
Sands China Ltd. said the money will be use to complete construction on the Shangri-La, Traders, and Sheraton resort complex at the company's Cotai Strip development.
"The completion of the Shangri-La, Traders, and Sheraton 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," Sheldon Adelson, chairman of Las Vegas Sands and Sands China Ltd., said in a statement. "The additional 6,000 hotel rooms are especially important in growing the meeting and convention business in Macau. 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".
Adelson said he expects the first phase of the development, which will feature approximately 3,700 hotel rooms and suites from the Shangri-La, Traders and Sheraton hotel brands and additional retail, gaming and meeting/convention facilities, to open in the third quarter of 2011. 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, is to be announced later. >>>
