Bangkok--Dec 22--eTurboNews
Las Vegas Sands Corp. (NYSE:LVS) and Far East Consortium International Limited (HKSE: 0035.HK) have reached agreement on all the commercial terms necessary for Far East to build a multi-hotel complex -- which will include an Intercontinental Hotel, Holiday Inn and Far East hotel brands Cosmopolitan and Dorsett -- on the Cotai Strip(TM) in Macao, Special Administrative Region of the People's Republic of China.
Under the terms of the agreement, Far East Consortium will develop the complex and will work with the hotel brands to manage the five hotels on the property. Las Vegas Sands will own and operate the casinos and showrooms within the podium complex supporting the hotels. The definitive agreements are being finalized and the parties expect to execute them early in the New Year.
"Far East Consortium has been a dedicated partner in our effort to create "Asia's Las Vegas(TM)," said William Weidner, president and chief operating officer of Las Vegas Sands Corp. "Their experience and track record in Asia will enable them to play a key role in the success of the Cotai Strip. We are confident that they will help us develop a 'must see' destination for Asia's business and leisure travelers and we look forward to a long and prosperous relationship."
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