LAS VEGAS, Oct. 17 /PRNewswire-FirstCall/ -- Las Vegas Sands Corp. (NYSE: LVS), the first American resort and gaming company to operate in The People's Republic of China's (PRC) Special Administrative Region of Macao, announced today the company has been selected by the Zhuhai Municipal People's Government of the PRC to proceed with master planning the development of a full-fledged convention-based/lifestyle destination resort on Hengqin Island which will complement its entertainment developments on the Cotai Strip (TM) in Macao.
The Hengqin Island resort development, located in the Guangdong Province city of Zhuhai, will occupy more than 1,300 acres of land (5.2 square kilometers) and be located less than one mile away from Las Vegas Sands' Venetian Macao Hotel Resort Casino currently being built on the master-planned Cotai Strip in Macao.
"By providing unparalleled resort, recreation, and convention amenities, Macao and Zhuhai can reap the rewards of the same strategy that has made Las Vegas the world's top travel and tourism destination," said Sheldon G. Adelson, chairman and chief executive officer of Las Vegas Sands Corp. "The Venetian Resort changed Las Vegas through its unique combination of upscale business and convention amenities and leisure attractions, but the strategic combination of non-casino tourism amenities located on Hengqin Island with the entertainment attractions of the Cotai Strip could create a tourism and convention destination unrivaled anywhere in the world."
The Hengqin Island resort development will feature a diversified mix of leisure, tourism and convention amenities including, first-class hotels and villas, first-rate convention facilities, a marina and yacht club, outdoor amphitheater, and an impressive combination of golf, tennis, fishing, and other leisure and recreational activities. "The golf courses, tennis courts and marine-based activities are not only integral to the Hengqin Island development, but they serve as significant amenities to the Cotai Strip," said Adelson.
"The development of Hengqin Island, in conjunction with our destination mega-resorts under construction on the Cotai Strip, will allow us to realize government's vision of integrated economic development in the Pan-Pearl River Delta region of China," said William P. Weidner, the company's president and chief operating officer. "We see this as a unique opportunity to maximize our business potential and further broaden the appeal of the region as a multi-faceted international convention/tourism hub and extended-stay vacation destination."
Weidner signed a document with officials from the City of Zhuhai and Guangdong Province during a signing ceremony October 14 at the Hong Kong-Guangdong Business Conference 2005 in San Francisco. The agreement contemplates the scope of the investment by Las Vegas Sands Corp. to exceed $1 billion over three phases. The contemplated investment in the first phase is estimated at $300 million. While the agreement does not require the company to make a significant expenditure of funds until more definitive plans and contracts are agreed upon, Las Vegas Sands will immediately begin site investigation and master plan design activities in anticipation of a final development plan being completed. Weidner said "the timing of the development fits perfectly with the development cycle as it relates to the construction of Cotai Strip."
Guangdong Province is located in the southernmost part of China's mainland and is the most populous region in the country with 110 million residents.