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"As we pursue our development plans and evaluate potential opportunities around the globe, we constantly review those plans to determine which ones are the most beneficial for the company, its shareholders, and our employees, as well as the communities in which we intend to operate," said William Weidner, president of Las Vegas Sands Corp. "Our proposed development plans for Kansas included significant investment in a world-class integrated resort facility. It now appears that proposed statutory changes in Missouri will allow gaming operators there to significantly increase the amounts being wagered at their competing facilities. This change, together with the increased borrowing costs in today's financial marketplace, significantly decreases the expected returns from our proposed development in Kansas and limits our ability to generate appropriate risk-adjusted returns on the proposed investment vis-a-vis our expected returns on our other global investment opportunities."
"Over the past several months we have made many friends in Kansas and have been treated with the utmost respect. We are extremely grateful for the support we have received, but feel this decision is in the best interests of our employees and shareholders," said Weidner.
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 | Quote | Chart | News | PowerRating) 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(TM) in Singapore.
LVS is also creating the Cotai Strip(TM), a master-planned development of resort-casino properties in Macao. Additionally, the company is working with the Zhuhai Municipal People's Government of the PRC to master-plan the development of a leisure resort and convention complex on Hengqin Island in the PRC.
For more information, please visit: http://www.lasvegassands.com. Contacts: Investment Community: Scott Henry (702) 733-5502 Media: Ron Reese (702) 414-3607
SOURCE Las Vegas Sands Corp.
http://www.lasvegassands.com
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