Las Vegas Sands (LVS)

[Teamlasvegas]

2.24 @ 2.25

February 25, 2009 - 2:47 PM EST

LVS 2.20 -0.39

Las Vegas Sands Corp. to Appeal Legal Challenge to CotaiJet Ferry Operation
Company Plans to Continue Providing Ferry Service During Appeal Process


MACAO, Special Administrative Region of the People's Republic of China, Feb. 25 /PRNewswire-FirstCall/ -- Las Vegas Sands Corp. (NYSE: LVS) announced today, following a ruling by Macau's Court of Second Instance challenging the company's Cotai Strip CotaiJet (TM) ferry concession, that it plans to appeal the decision to Macau's Court of Final Appeal. The company intends to file an appeal within the next week, and expects to continue to operate its ferry service until a decision on the appeal is rendered or the matter is otherwise resolved.


Las Vegas Sands Corp. stated that both the company and the Government of Macau are parties to the recent lower court ruling, and as parties to the ruling, each has the ability to appeal the case. Upon appeal, the lower court ruling will be immediately suspended until a decision is rendered by the Macau Court of Final Appeal. The basis of the legal challenge to the granting of the ferry concession is that all concessions related to the provision of public services must be awarded through a public tender process.


Mr. Sheldon G. Adelson, chairman and CEO stated, 'We believe the Macau authorities are committed to finding a solution that, in the event the lower court ruling is not reversed, would ensure that CotaiJet ferry operations are not suspended and that the public interest is protected.'


Forward-Looking Statements


This press release contains 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, substantial leverage and debt service, government regulation, legalization of gaming, interest rates, future terrorist acts, insurance, gaming junket operators, risks relating to our Macao gaming concession, infrastructure in Macao and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Las Vegas Sands Corp. assumes no obligation to update such information.


About Las Vegas Sands Corp.


Las Vegas Sands Corp. (NYSE: LVS) 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 also owns the Four Seasons Hotel Macao and is constructing two additional integrated resorts: Sands Casino Resort Bethlehem(TM) in Eastern Pennsylvania and Marina Bay Sands(TM) in Singapore.


LVS is also creating the Cotai Strip(TM), a master-planned development of resort-casino properties in Macao. At completion, the Cotai Strip will feature approximately 21,000 rooms from world-renowned hotel brands such as St. Regis, Sheraton, Shangri-La, Traders, Hilton, Conrad, Fairmont, Raffles, Holiday Inn, and InterContinental. For more information, please visit www.lasvegassands.com.


Contacts:

Investment Community: Daniel Briggs [phone]
Media: Ron Reese [phone]




SOURCE Las Vegas Sands Corp.



Source: PR Newswire (February 25, 2009 - 2:47 PM EST)

News by QuoteMedia
www.quotemedia.com