$1 Billion Financial Package Secured to Build the World's Largest Hotel, Casino and Convention Complex; The Venetian Casino Resort Completes Financing.LAS VEGAS--(BUSINESS WIRE)--Nov. 14, 1997--The highly anticipated Venetian Casino Resort has completed its financing package, consisting of $523 million in notes and more than $400 million in loans, to develop phase one of the Venetian- themed megaresort and convention complex in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. . The notes consist of mortgage notes with a principal amount of $425 million at 12-1/4 percent interest and senior subordinated notes with a principal amount of $97.5 million at 14-1/4 percent interest. When combined with bank and other debt sources, the blended interest rate for the transaction was approximately 10.8 percent at current rates. Phase one of The Venetian Casino Resort is expected to cost more than $1.4 billion, including the value of the land and estimated tenant improvements. Built at the site of the former Sands Hotel The Sands Hotel was a legendary Las Vegas, Nevada hotel/casino that operated from December 15, 1952 to June 30, 1996. It was the seventh resort that opened on the Las Vegas Strip. It was designed by architect Wayne McAllister. and Casino, phase one of The Venetian will include the first all-suites hotel on the Strip with 3,036 700-square-foot luxury rooms in an all-suite format; a gaming facility of approximately 116,000 square feet; an enclosed retail, dining and entertainment complex of approximately 500,000 square feet; and a meeting and conference facility of approximately 500,000 square feet -- all connected to the existing Sands Expo The Sands Expo and Convention Center, at 1.2 million square feet (110,000 m²), is the second largest convention center in the Las Vegas, Nevada area. It opened in 1990 across the street from the original Sands Hotel. and Convention Center. The combination of the hotel, meeting space and Sands Expo Center meeting space of more than 1.6 million square feet will make The Venetian the world's largest hotel and convention complex under one roof. Mirrored after Renaissance Venice, the highly themed resort will include waterways, gondolas and replicas of Venetian landmarks such as the Doge's Palace The Doge's Palace is a gothic palace in Venice (Italian Palazzo Ducale di Venezia). The current palace was largely constructed from 1309 to 1424 on 9th century origins, designed perhaps by Filippo Calendario. , the Rialto Bridge Rialto Bridge (rēäl`tō), Ital. Ponte di Rialto, bridge of Venice, NE Italy, over the Grand Canal, connecting Rialto and San Marco islands. Built between 1588 and 1591, it consists of a single marble arch and has arcades lined with shops. , the Ca Doro and the Campanile campanile (kămpənē`lē, Ital. kämpänē`lā), Italian form of bell tower, constructed chiefly during the Middle Ages. Tower. ``The Grand Canal Shoppes The Grand Canal Shoppes is a 500,000 sq ft shopping mall adjacent to The Venetian Hotel & Casino on the Las Vegas Strip in Paradise, Nevada. The mall was opened along with the Venetian in 1999. ,'' the complex's indoor mall area, will feature a 1/4-mile Venetian streetscape street·scape n. 1. An artistic representation of a street. 2. Surroundings composed of streets: the urban streetscape. with intimate ``piazza''-style settings and a 630-foot ``grand'' canal running its length with a fleet of functional gondolas, singing gondoliers and waterside cafes crossed by authentically styled Venetian bridges. ``We want to transport our guests to another place and time by designing a resort that provides visitors with the sense of being surrounded by the festivity and splendor of Renaissance Venice's architecture, music, art and history,'' said William P. Weidner, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Las Vegas Sands Las Vegas Sands Corp. (NYSE: LVS) is a casino resort company based in Las Vegas, Nevada and majority owned by one of the world's richest men, Sheldon Adelson. Las Vegas Sands chairman Sheldon Adelson, the world's sixth richest man, has said that his company will soon be Inc., the parent company of The Venetian Casino Resort. ``The Venetian has assembled all the best that Las Vegas has to offer under one roof. Its a property that has the critical mass of 3,000 luxury suites, the midweek traffic from the convention business, the entertainment venues of gaming, shopping and dining, and the convenience of staying in a city within a city,'' added Weidner. Phase one of The Venetian Casino Resort is scheduled for completion in April 1999 and is expected to include some of the finest restaurants in the United States, brand-name and exclusive boutique shopping, and themed entertainment concepts. In addition, The Venetian will feature the ``Billboard Live!'' entertainment complex, which is affiliated with Billboard magazine. -0- NOTE: The securities described above will not be or have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. CONTACT: The Venetian Casino Resort, Las Vegas Kurt Ouchida, 702/733-5012 |
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