This excerpt taken from the LVS 10-Q filed Nov 10, 2008.
Our revised development plan may give one of our hotel managers for our Cotai Strip developments the right to terminate its agreements with us.
We have entered into management agreements with Starwood Hotels & Resorts Worldwide (Starwood) to manage a hotel under its Sheraton brand and a hotel and serviced luxury apartment hotel under its St. Regis brand, both of which are located on our Cotai Strip parcels 5 and 6. Under our revised development plan, construction of the first Sheraton tower will be temporarily suspended while we pursue project-level financing (which we target to complete within the next three to six months), but there can be no assurance that such financing will be obtained; and construction of the second Sheraton tower and the St. Regis serviced luxury apartment hotel has been suspended until conditions in the capital markets and general economic conditions improve. Our management agreements with Starwood impose certain construction and opening obligations and deadlines on us, and the delays and potential delays described above create a significant risk that we will fail to meet some or all of these obligations and deadlines. If that were to occur, Starwood would have the right to terminate its agreements with us, which would result in our having to find new managers and brands for the above-described projects, and which could have a material adverse effect on our financial condition and results of operations.