Las Vegas Sands Corp. says it has reached commercial terms with 200 premium retailers, who combined will bring 250 branded stores to the company’s malls on the Cotai Strip in Macao.The company’s malls include the Grand Canal Shoppes at The Venetian Macao Resort Hotel and the mall at the adjacent Four Seasons Hotel Macao.
“The number and quality of tenants as well as the pace at which we are leasing retail space in Macao is unprecedented,” said William Weidner, president and chief operating officer of Las Vegas Sands Corp. “To put this in perspective, the retailers already lined up for The Venetian Macao represent more than three times the number of retailers currently doing business inside The Grand Canal Shoppes in Las Vegas.”
Weidner said that with this most recent announcement Las Vegas Sands Corp. has clearly emerged as the gaming industry’s preeminent retail player. He stated that with more than three million square feet of retail space on the Cotai Strip, nearly one million square feet in Las Vegas, and an additional one million square feet at The Marina Bay Sands(TM) when it opens in Singapore in 2009, the company possesses a strong portfolio of locations to attract the world’s top retailers for its current and future integrated resort properties.
“The retailers approaching us in Macao are very confident in Las Vegas Sands’ ability to duplicate what we have successfully created in Las Vegas,” said Stephen Weaver, senior vice president of Asian development for Venetian Macau Ltd. “The 200 retailers in The Grand Canal Shoppes combined with the leasing of the entire ground floor of the mall at the Four Seasons Hotel Macao, are equal to the number of shops and brands in Hong Kong’s Pacific Place and Landmark Malls combined.”
Weaver said the momentum of the company’s retail presence in Asia continues to grow—with 45 retailers having come on board in the past 30 days—and the Cotai Strip has now been established as the epicenter of retail in Macao. He said this is clearly reflected in both the quality and number of retailers approaching the company and those coming to terms on commercial agreements. Weaver said that commercial terms across all retail levels continue to include rental rates in line with the company’s expectations.
The foregoing commercial agreements remain subject to execution of definitive contracts which are presently under negotiation.
The Grand Canal Shoppes at The Venetian Macao, which is currently being constructed on the Cotai Strip in the People’s Republic of China Special Administrative Region of Macao, plan to mirror its sister property located inside The Venetian in Las Vegas. The GCS in Las Vegas is immensely successful, achieving sales far above the national average. The Macao version, when completed in 2007, will become the largest entertainment and shopping facility of its kind in Asia.
Las Vegas Sands is also busy developing The Palazzo Resort Hotel Casino adjacent to The Venetian in Las Vegas. The Shoppes at The Palazzo(TM) will also offer an upscale shopping experience and has already attracted Barneys New York, one of the most sophisticated and well known luxury retailers in the U.S., to serve as the anchor of The Shoppes.