Sands China has confirmed the closing of a $1.75 billion financing deal, with the funds to be used to complete construction of the residential section of Coati Strip.
Set to include properties from Shangri-La, Traders, and Sheraton, the resort is based in the Coati district of Macau.
“The completion of the Shangri-La, Traders, and Sheraton complex represents a critical next step in Macau’s ability to both diversify its economy and further reach its potential as a full-scale leisure and business destination,” explained Mr Sheldon Adelson, chairman of Las Vegas Sands.
Sands China is a subsidiary of Las Vegas Sands.
“The additional 6,000 hotel rooms are especially important in growing the meeting and convention business in Macau,” continued Mr Adelson.
“The additional capacity will open up a new and larger base of potential customers who, because of the size of the events, were not previously able to bring their meetings or conventions to Macau.”
Mr Adelson explained Sands China expects the first phase of the development - which will feature approximately 3,700 hotel rooms and suites from the Shangri-La, Traders and Sheraton hotel brands and additional retail, gaming and meeting/convention facilities - to open in the third quarter of 2011.
Phase two includes a 2,300-room Sheraton hotel tower, as well as other non-gaming amenities, and is expected to open approximately six months later.
Timing for the completion of a third phase, which includes plans for a St. Regis hotel and serviced-apartments, will be announced at a later date.