 Action Paves Way for Sales of Four Seasons Serviced -Vacation Suites
Las Vegas Sands Corp. (NYSE: LVS) announced recently that the government of the Special Administrative Region of Macao has approved the legal separation of the company’s Four Seasons apartment hotel tower from the other components of its Four Seasons parcel on the Cotai Strip(R). The legal separation of the property will allow the company to transfer the apartment hotel building into a separate cooperative holding company and to sell cooperative interests in the tower in a manner similar to the way apartment units are sold in New York City and other international locations. In addition, the approval from the Macao government clears the way for the company to monetize the cash flow generated by The Shoppes at Four Seasons, its 200,000 square foot luxury retail mall, which is also located on the Four Seasons parcel.
“The company’s strategic business plan has always anticipated the sale of apartments in either the condominium or cooperative form of ownership, as well as the monetization of the cash flow from our retail malls, to de-leverage our balance sheet or to provide the additional funding required to build our future developments,” said Sheldon G. Adelson, chairman and chief executive officer of Las Vegas Sands Corp. “I am very pleased that we have gotten through this process and look forward to executing on this monetization strategy in accordance with our business plan.”
Mr. Adelson added that in anticipation of this government approval, the company began taking reservations several weeks ago from its waiting list and has now accepted reservations for nearly 22 percent (representing 65 units) of the project at prices averaging over USD $1,700 per square foot. He also noted that approximately two-thirds of the reservations have come from persons who reside outside of Mainland China, Hong Kong, and Macao.
The reservations for units in the apartment hotel are non-binding and the related deposits are fully refundable pending the completion of the apartment hotel tower’s final cooperative documentation.
Mr. Adelson added, “While we acknowledge that the current financing environment is less than ideal, we believe the uniqueness of the product, together with its premier location and its Four Seasons branding and service, will incentivize the premium buyer that is able to remain active in any market environment.”
He said vacation products like the Four Seasons vacation units represent another important component of its Cotai Strip(R) offering, which also features expansive shopping malls, state-of-the-art meeting and convention facilities, premium hotel product, and world-class entertainment like Cirque du Soleil(R).
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.
ABOUT LAS VEGAS SANDS CORP.
Las Vegas Sands Corp. (NYSE: LVS) is the leading international developer of multi-use integrated resorts.
The Las Vegas, Nevada-based company 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 Venetian Macao Resort-Hotel and the Sands Macao in the People’s Republic of China (PRC) Special Administrative Region of Macao. The company is currently constructing two additional integrated resorts: Sands Casino Resort Bethlehem in Bethlehem, Pennsylvania; and The Marina Bay Sands™ in Singapore.
LVS is also creating the Cotai Strip(R), a master-planned development of resort-casino properties in Macao.
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