Citigroup, Goldman Sachs and Lehman Brothers are arranging the massive syndicated loan, the largest in Asia outside Japan this year.

Venetian Macau is currently building a US$2 billion hotel and casino complex with the same name set to open in 2007. The development, the most expensive project yet to be built in the city, is modeled on the company's successful Venetian casino in Las Vegas. The development, created by US casino magnate Sheldon Adelson, is a faux rendering of the Italian trading city at its height during the European Renaissance.

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The company plans to spend another US$1 billion on a project on Hengqin Island over the border in Zhuhai that will include three golf courses, tennis courts, a boat marina and luxury weekend homes aimed at affluent Hong Kong residents. A water sports center is under discussion with the Zhuhai government.

Venetian Macau will spend US$1.3 billion on two separate hotels to be run by US-based Starwood under the Sheraton brand name and another resort that will be managed by Shangri-La. Several hundred million more will be spent on other hotel projects.

The company plans to earn back part of its investment by selling mall space and serviced apartments at resorts it plans to build.

The company currently operates the Sands casino, the first Las Vegas-style gambling palace to open in Macau since the government opened the gaming industry to overseas developers three years ago. The company sold US$120 million in floating rate notes to fund the construction of Sands Macau though Goldman Sachs. The casino was a resounding success, earning back the cost of development not long after opening, and the company paid off the five-year notes in full earlier this year plus the interest due investors at a total cost of US$121.9 million.