Will be used to complete the first two phases of construction of the company's largest integrated resort on the Cotai Strip in Macau - featuring a combined 6,000 rooms and suites from the Shangri-La, Traders, and Sheraton hotel brands.
Sands China Ltd., a subsidiary of Las Vegas Sands Corp. (NYSE:LVS) , announced today that through one of its subsidiaries, it has now secured project financing commitments of $1.75 billion, which will be used to complete the first two phases of construction of the company's largest integrated resort on the Cotai Strip in Macau - featuring a combined 6,000 rooms and suites from the Shangri-La, Traders, and Sheraton hotel brands. The $1.75 billion total reflects an additional $300 million of commitments secured since the company originally announced the receipt of commitments for the financing of the project. In addition to the project financing, $500 million of the proceeds expected to be received when the global offering of Sands China Ltd's. shares are listed on the Hong Kong Stock Exchange will also be used to fund development and construction of the project. The combined figures represent the total amount of funding needed to complete the Shangri-La, Traders, Sheraton integrated resort complex.
"We feel gratified that in committing this capital, the investment community believes, as we always have, that Macau's future as a true leisure and business destination lies in the development of the Cotai Strip and its ability to offer a critical mass of hotel rooms, restaurants, retail, entertainment, and convention and exhibition facilities," said Mr. Sheldon G. Adelson, chairman of both Las Vegas Sands Corp. and Sands China Ltd.
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