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LAS VEGAS-After two days of trading, the share price of newly public Las Vegas Sands Corp. stands at $49.11, up about 69% from its offering price of $29, which was raised at the last minute from $26 as investors lined up to get some of the 28.3-million-share offering. Comdex founder Sheldon Adleson owns 88% of the company or a little more than 322 million shares, worth $9.3 billion at the IPO price and $15.8 billion at Thursday’s closing price.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 company has additional construction plans both in Macau, China and Las Vegas. In Las Vegas, the company is constructing a Beverly Hills-themed Palazzo resort adjacent to the Venetian. 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. “The concentration of luxury and themed casino hotels and resorts is expected to continue encouraging visitor interest in Las Vegas as a business event and vacation destination and, as a result, increase overall demand for hotel rooms, gaming and entertainment,” Las Vegas Sands said in its IPO filing.Macau is the only region in China that permits casino gaming and one of only a few such places throughout Asia. 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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