The Venetian Macau is a 3,000-unit all-suites hotel, casino andconvention center complex with a Venetian-style theme similar tothat of The Venetian in Las Vegas. In addition to the 39-storyhotel tower, the Venetian Macao includes approximately one millionsf of retail and dining offerings, and 1.2 million sf of conventionand meeting space. The Four Seasons Macau is a 400-room boutiquehotel and 80,000-square-foot casino that will eventually includeapproximately 800,000 sf of Four Seasons-serviced luxuryapartments, 210,000 sf of upscale retail.

The amendment to the land concession agreement separates theretail uses of the Four Seasons Macau from the hotel use andcreates four separate parts: a 1.2-million-sf piece that includes afive-star hotel with gaming areas, entertainment, leisure,restaurants and other supporting areas; a one-million-sf four-starapartment hotel; a 380,000-sf Shoppes at the Four Seasons retailshopping area and a 339,000-sf parking area.

LVS says it plans to transfer the apartment-hotel towercomponent to a separate cooperative holding company and beginselling shares in the new holding company to third partiesinterested in acquiring vacation units at the Four Seasons PrivateResidences Macao. "The subdivision of the Four Seasons Macao Hotelwill also enable VCL to monetize the cash flow generated by theShoppes at the Four Seasons at an appropriate time in the future,"states LVS in an SEC filing Monday morning.