Las Vegas -- Las Vegas Sands Corp. and Hilton Hotels today announced plans for Sands to develop two Hilton brand hotels--a 1,200-room Hilton and 300-room Conrad--in the Chinese coastal resort of Macao.
Hilton will manage the hotels under the nonbinding agreement, financial details of which were undisclosed. A binding agreement is expected to be signed in the second quarter, the companies said.
"The desire to be a part of the Cotai Strip (in Macao) by some of the most prestigious brands in the hotel business has been gratifying as they realize the significance of this important development," said Sheldon G. Adelson, Sands' chairman and chief executive.
Sands, which owns and operates the The Venetian Resort and adjacent Sands Expo Center, in Las Vegas, has previously announced plans to develop other hotel projects in Macao, which is a gaming destination similar to Las Vegas.
Those projects include The Venetian Macao, which is currently under construction; a Four Seasons hotel, Starwood's Sheraton and St. Regis brands, a Shangri-La hotel and a Traders hotel. Sands said it expects announce additional hotel, retail and entertainment projects in the weeks ahead.
In 2004, Sands opened the Sands Macao, a gambling and entertainment complex which includes 51 suites.