Las Vegas Sands Closes on $1.75B in Macau Loans - 8 News NOW

Las Vegas Sands Closes on $1.75B in Macau Loans

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LAS VEGAS  -- Las Vegas Sands Corp. says it has secured $1.75 billion in financing to build its next two phases of development in Macau.

The Las Vegas-based casino company said Thursday the money will be used to build hotels along with casino, convention and retail space in the Cotai area of the Chinese gambling enclave.

Sands chief executive Sheldon Adelson says a total of 6,000 hotel rooms will be built in phases to attract large conventions and trade shows. Adelson says the development's first phase includes 3,700 hotel rooms and will open during the third quarter of 2011.

He says another 2,300 hotel rooms will open in 2012. The owner of the Venetian and Palazzo resorts in Las Vegas already owns three casino-resorts in Macau.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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