EXHIBIT 99.1
------------
VENETIAN CASINO RESORT, LLC AND LAS VEGAS SANDS, INC.
COMPLETE $850 MILLION OFFERING OF MORTGAGE NOTES AND OTHER
REFINANCING TRANSACTIONS
(Las Vegas, NV - June 4, 2002) Venetian Casino Resort, LLC and
Las Vegas Sands, Inc. announced today that they had closed their Rule 144A
offering of $850 million in aggregate principal amount of mortgage notes. The
notes bear interest at 11% and mature on June 15, 2010. In connection with the
offering of their mortgage notes, Venetian and its subsidiaries also entered
into a new senior secured credit facility in an aggregate amount of $375 million
and a new secured mall loan facility in an aggregate principal amount of $105
million.
Venetian has used or will use the net proceeds from its
offering of mortgage notes and initial borrowings under its new loan facilities
to repay, repurchase or redeem all outstanding indebtedness of Venetian and its
subsidiaries, including indebtedness under Venetian's existing bank credit
facility, its furniture, fixture & equipment credit facility, its mall debt, its
12 1/4% mortgage notes due 2004, its 14 1/4% senior subordinated notes due 2005
and certain other indebtedness, and to pay all fees and expenses associated with
these transactions.
Venetian will dedicate the remaining proceeds and borrowings
under its new senior secured credit facilities to finance the construction and
development of the Phase IA Addition, which consists of a 1000-room addition to
the Casino Resort, additional meeting and conference space and an expansion to
the Casino Resort's parking garage. The refinancing will also facilitate the
Venetian's development of its proposed project in Macau, People's Republic of
China.
As part of the refinancing, Venetian closed its tender offer
for its outstanding 12 1/4% mortgage notes due 2004 and 14 1/4% senior
subordinated notes due 2005 and repurchased a substantial majority of its
outstanding mortgage notes and senior subordinated notes. Venetian also
announced today that it has consummated a covenant defeasance for its remaining
outstanding mortgage notes due 2004 and that it has called for redemption on
July 4, 2002 all its remaining outstanding mortgage notes due 2004 and senior
subordinated notes due 2005.
The mortgage notes have not been and will not be registered
under the Securities Act and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements of the Securities Act.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any security and shall not constitute an offer,
solicitation or sale of any securities in any jurisdiction in which such
offering, solicitation or sale would be unlawful.
THE MATTERS DESCRIBED IN THIS PRESS RELEASE CONTAIN
FORWARD-LOOKING STATEMENTS THAT ARE MADE PURSUANT TO THE SAFE HARBOR PROVISIONS
OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. FORWARD-LOOKING
STATEMENTS INVOLVE A NUMBER OF RISKS, UNCERTAINTIES OR OTHER FACTORS BEYOND
VENETIAN'S CONTROL, WHICH MAY CAUSE MATERIAL DIFFERENCES IN ACTUAL RESULTS,
PERFORMANCE OR OTHER EXPECTATIONS. THESE FACTORS INCLUDE BUT ARE NOT LIMITED TO
GENERAL ECONOMIC CONDITIONS, COMPETITION, NEW VENTURES, GOVERNMENT REGULATION,
LEGALIZATION OF GAMING, INTEREST RATES, FUTURE TERRORIST ACTS, INSURANCE, AND
OTHER FACTORS DETAILED IN THE REPORTS FILED BY LAS VEGAS SANDS, INC. WITH THE
SECURITIES AND EXCHANGE COMMISSION. READERS ARE CAUTIONED NOT TO PLACE UNDUE
RELIANCE ON THESE FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THE DATE
THEREOF. VENETIAN ASSUMES NO OBLIGATION TO UPDATE SUCH INFORMATION.
CONTACT INFORMATION
Venetian Casino Resort, LLC
Harry Miltenberger - Vice President
(702) 733-5729
miltenbh@venetian.com
---------------------