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LAS VEGAS-Las Vegas Sands Corp. has filed a $350-million initial public offering with underwriter Goldman Sachs. Controlled by 71-year-old Comdex founder Sheldon Adelson, the company owns and operates the Venetian Casino Resort and the Sands Expo and Convention Center in Las Vegas, and the Sands Macao Casino in Macau, China. It also is developing a Venetian Casino Resort in Macau and the Palazzo Casino Resort next to the existing Venetian property in Las Vegas.The company reported $42.7 million in net income and revenue of $455 million through the first six months of the year. As of June 30, the company lists $2.4 billion in debt and $964 million in cash. The company plans to trade under the ticker symbol “LVS” on the New York Stock Exchange. Its IPO filing with the SEC did not include the number of shares to be issued or the price at which they would be offered, or what percentage of the company would actually be public. Adelson owns about 72 percent of Las Vegas Sands, according to the filing.The Venetian Casino Resort in Las Vegas includes a total of 4,040 suites; a gaming facility of approximately 116,000 sf; and the Congress Center, a meeting and conference facility with approximately 650,000 sf. The Venetian is connected to the nearly 1.2-million-sf Sands Expo and Convention Center, one of the largest convention and trade show facilities in the US. The Grand Canal Shoppes, a 500,000-sf shopping, dining and entertainment space within the Venetian, was sold in May 2004 to an affiliate of General Growth Properties Inc. for $766 million. The mall attracts 45,000 visitors per day and is one of the highest grossing malls per sf in the US, with mall shop sales of $912 per sf in 2003. Construction of the Palazzo Casino Resort began this past month. The $1.6-billion, 15-acre project will consist of an all-suites 50-floor luxury hotel tower with approximately 3,025 rooms; a gaming facility of approximately 105,000 sf; an enclosed shopping, dining and entertainment complex of approximately 375,000 sf, expected to include approximately 80 high and mid-end retailers; and additional meeting and conference space of approximately 450,000 sf. The Palazzo is scheduled to open during the first quarter of 2007. Macau is a special administrative region of China and the only location in China–and one of only a few locations throughout Asia–that permits casino gaming. Earlier this year, Las Vegas Sands became the first Las Vegas operator in Macau by opening the Sands Macao, a Las Vegas-style casino located at the heart of Macau’s gaming district. In July 2004, the Sands Macao had more than one million visits. In Cotai, an area of reclaimed land between the islands of Taipa and Coloane in Macau, the company intends to build, own and operate the Macao Venetian Casino Resort as part of the government-approved master plan. The development, slated for completion in 2006, would consist of a 3,000-suites hotel, casino and convention center complex with a Venetian-style theme similar to that of the namesake Las Vegas property.

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