Las Vegas Sands to Tap Into Intercontinental Network
LAS VEGAS, NV, Oct 25, 2010 (MARKETWIRE via COMTEX News Network) -- Las Vegas Sands Corp. (NYSE: LVS), the world's leading developer of integrated resorts, announced today that it has reached an agreement with IHG that will see the company's Venetian and Palazzo properties in Las Vegas become affiliated with IHG's InterContinental brand.
Las Vegas Sands Chairman Sheldon G. Adelson lauded the announcement and said having the ability to reach IHG's 180 million annual guests, and specifically its database of 52 million IHG Priority Club members, was an extraordinary opportunity for the company's two Las Vegas properties to attract millions of new customers.
"Over the years the InterContinental brand has been a beacon for millions of world travelers and with this unprecedented agreement, The Venetian and Palazzo will now become their home when they visit the Las Vegas Strip," said Mr. Adelson. "We are extremely happy to have reached this agreement with our friends at IHG and we look forward to our new guests occupying our all-suite rooms in the very near future."
"This alliance has incredible upside for our Las Vegas properties. With 4,500 hotels in more than 100 countries, international sales offices and a global sales force of more than 8,000 people, access to a large network of travel agents, wholesale operators and online travel agencies, IHG's global connectivity will put us in touch with a huge amount of potential new customers," said Michael Leven, president and chief operating officer of Las Vegas Sands Corp.
Mr. Leven said he expects the new alliance to help drive higher average daily rates and occupancy for both properties over time and lead to the booking of substantial new group business. He said both properties will maintain their established brand identities and that the agreement will allow IHG customers to experience the same Five Diamond Award winning service that Venetian and Palazzo guests have always received.
Guests at The Venetian and The Palazzo will be able to earn points and redeem them for stays at any of IHG's 4,500 hotels worldwide, just as IHG's Priority Club Rewards and Ambassador members will be able to use their own points for stays at both resorts.
"This alliance with Las Vegas Sands Corp. and IHG's InterContinental brand creates a shared opportunity to give our guests access to leading luxury resorts in Las Vegas," said Jim Abrahamson, president, the Americas, IHG. "Las Vegas is the most requested destination for our Priority Club Rewards and Ambassador members, and these resorts epitomize the glamour of Las Vegas and provide world-class experiences that perfectly fit with what our guests want from InterContinental Hotels and Resorts."
Mr. Leven said the ten-year agreement will basically add another segment to the two properties' marketing mix. "In addition to our group, casino, and leisure segments, this alliance will bring an entirely new set of customers to our resorts and provide us the opportunity to fill additional room nights. While leisure travelers are filling our hotels on the weekends and the volume of our group business is returning in force, this alliance will be a tremendous supplement to those areas and has us feeling very optimistic about our business in Las Vegas overall," said Mr. Leven. "Further, since the Venetian and Palazzo represent the largest meeting and convention facility of its kind with 330 meeting rooms and more than two million square feet of meeting space, this agreement will give IHG's group sales offices the unique opportunity to directly book their client's meetings in Las Vegas -- which happens to be their most requested destination."
ABOUT LAS VEGAS SANDS CORP.
Las Vegas Sands Corp. (NYSE: LVS) is a Fortune 500 company and the leading global developer of destination properties (integrated resorts) that feature premium accommodations, world-class gaming and entertainment, convention and exhibition facilities, celebrity chef restaurants, and many other amenities.
THE VENETIAN(R) and THE PALAZZO(R), Five-Diamond luxury resorts on the Las Vegas Strip, are among the company's properties in the United States. In Singapore, the iconic MARINA BAY SANDS(R) is the most recent addition to the company's portfolio.
Through its majority-owned subsidiary Sands China Ltd., the company also owns a collection of properties in Macau, including THE VENETIAN(R) Macao, Four Seasons Hotel Macao and the Four Seasons-branded serviced-apartments at its COTAI STRIP(R) development, as well as the SANDS(R) Macao on the Macau peninsula.
The company is currently constructing a 6,400-room complex at the COTAI STRIP, which will feature the Shangri-La, Traders, Sheraton, and St. Regis hotel brands.
Las Vegas Sands is also committed to global sustainability through its SANDS Eco 360 program and is an active community partner through its various charitable organizations.
ABOUT IHG
InterContinental Hotels Group (IHG) is the world's largest hotel group by number of rooms. IHG owns, manages, leases or franchises, through various subsidiaries, over 4,500 hotels and more than 650,000 guest rooms in nearly 100 countries and territories around the world. The Group owns a portfolio of well recognized and respected hotel brands including InterContinental(R) Hotels & Resorts, Hotel Indigo(R), Crowne Plaza(R) Hotels & Resorts, Holiday Inn(R) Hotels and Resorts, Holiday Inn Express(R), Staybridge Suites(R) and Candlewood Suites(R), and also manages the world's largest hotel loyalty program, Priority Club(R) Rewards with 52 million members worldwide. IHG has nearly 1,400 hotels in its development pipeline, which will create 160,000 jobs worldwide over the next few years. InterContinental Hotels Group PLC is the Group's holding company and is incorporated in Great Britain and registered in England and Wales.
