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Sands China Issues $3.1 billion in Shares

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On Monday, Sands China, a subsidiary of global resort developer Las Vegas Sands Corp, was listed n the Hong Kong Stock Exchange after completing an initial public offering (IPO) that raised a total of $3.1 billion – which was comprised of the $2.5 billion listing and $600 million raised in a pre-IPO exchangeable bond financing transaction completed in September.

Last Friday, the company confirmed that $1.75 billion of project financing commitments had been received which, together with $500 million of IPO proceeds, will be used to restart and complete construction on the combined Shangri-La, Traders, and Sheraton resort complex located across from the company’s Venetian Macau property on the Cotai Strip.

“With this public offering, in combination with our project financing efforts, we have already embarked on the initial stages of restarting the construction of our developments on the Cotai Strip and continuing the progress we have made in helping diversify Macau’s economy and further establishing it as an international leisure and business destination,” said Mr. Sheldon G. Adelson, chairman of both LVS and Sands China Ltd. “On behalf of the Sands China Board of Directors, I would like to thank the Macau government for their support, as well as acknowledge with much appreciation our team of professionals, whose hard-work and dedication was limitless throughout this entire process.”

The Hong Kong listing represents a sale of approximately 30% of Sands China Ltd’s. Macau operations. It is the second largest Hong Kong-listed IPO year-to-date and the largest Hong Kong-listed spin-off since 2002.

Mr. Adelson said he was particularly pleased that the successful IPO means construction on the Cotai Strip – his vision to replicate the Las Vegas Strip by building a critical mass of hotel rooms, restaurants, retail, entertainment, and convention and exhibition facilities in Macau – can resume.

“Our ability to add more properties to the Cotai Strip will enhance visitation from all parts of the Asia-Pacific region and significantly increase the overall length-of-stay in Macau. The increased number of hotel rooms, from prominent hotel brands Shangri-La, Traders, Sheraton and St. Regis, will provide a greater variety of product and price options for consumers and give us additional capacity to further grow our meeting and convention business, among others. This is an important next step in Macau’s ability to assert itself as an international tourist destination,” Mr. Adelson said.

The construction of the 13.3 million square foot complex is approximately 65% completed and when work resumes, the development will be finished in phases. Phase one, which is expected to open in June 2011, will feature 3,700 hotel rooms and suites from the Shangri-La, Traders and Sheraton hotel brands, as well as a theater and additional retail, gaming and meeting/convention facilities. Phase two includes a 2,300-room Sheraton hotel tower, as well as other non-gaming amenities, and is expected to open in December 2011. Timing for completion of the St. Regis hotel and serviced-apartments has not yet been confirmed.

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