Venetian Casino Resort, LLC Resolves Construction Litigation
LAS VEGAS, NV, JAnuary 2, 2006. Venetian Casino Resort, LLC ("VCR"), a subsidiary of Las Vegas Sands Corp. , announced today the resolution of all of its outstanding litigation involving the construction of The Venetian Resort-Hotel-Casino in Las Vegas.
Pursuant to an agreement executed yesterday by VCR and its affiliates, Bovis Lend Lease, Inc. and its affiliates, and VCR's construction litigation insurer ("Insurer"), Bovis will release VCR from further liability in the previously disclosed ongoing construction litigation in exchange for certain payments. In addition, the Insurer has agreed to indemnify VCR, Bovis and their affiliates from further liability for certain ongoing subcontractor litigation.
The agreement requires VCR to pay the balance of its self-insured retention under its insurance policy covering the Bovis claims. Following this payment, VCR will have no further liabilities in connection with the matter. To avoid expending further company resources and management time on this complex litigation, VCR agreed to the compromise agreement. However, VCR does not acknowledge liability in the dispute. VCR has previously taken reserves for most of the payment and expects to record only an additional after-tax charge of approximately US$1.0 million in the fourth quarter 2005 relating to the litigation.
FORWARD-LOOKING STATEMENTS
The press release contains 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 the company'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 regulations, legalization of gaming, interest rates, future terrorist acts, insurance, and other factors detailed in the reports filed by Las Vegas Sands Corp. 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. Las Vegas Sands Corp. assumes no obligation to update such information.
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