Casino operator plans float - Tuesday 28th of July 2009

THE Las Vegas Sands Corporation plans to file papers with regulators in Hong Kong as early as next month for a public float of its Macau casinos, someone with knowledge of the plans said.

The casino operator, controlled by the US billionaire Sheldon Adelson, is also seeking amendments to its Macau bank loan, including covenant relief and permission to issue $US1.5 billion ($1.9 billion) in new debt, said the person, who refused to be named because the plans were not public.

The funding would enable it to restart work on its $US12 billion, 20,000-room complex of hotels and casinos on the Cotai Strip in Macau. Building ceased last year as credit markets froze, revenue dwindled and Las Vegas Sands risked defaulting on some loans.

The company could raise $US2 billion by selling a minority stake of its Macau business in Hong Kong, its president, Michael Leven, said last month.

On Friday a spokesman, Ron Reese, said the company was discussing possible transactions in Macau with its lenders.

About 70 per cent of its sales come from Macau. In May Mr Adelson said them firm was pursuing "public or private" options to raise liquidity and restart the Venetian and Sands Macau casino resorts and the Four Seasons Macao hotel. The float was part of a plan to raise up to $US4 billion, he said last month. The company had almost $US3.41 billion in Macau-related long-term debt at March 31, regulatory filings show.

Other news from around the same time

Indiana Casino Fined For Grand Opening No-Show - Tuesday 28th of July 2009

Indiana Live Casino in Shelby County has been fined $124,000 after being cited by the Indiana Gaming....


Casino charity odds on to help kids - Tuesday 28th of July 2009

A GLITZY casino is collecting goods to help children in some of the worlds poorest slums.Croupiers a....


Launch of Scotland’s first interactive TV casino on STV - Tuesday 28th of July 2009

NetPlay TV plc (AIM: NPT), the interactive gaming company, is pleased to announce a TV distribution ....


Online casino’s £100m gamble - Monday 27th of July 2009

THE internet gambling group Party Gaming has clinched a £100m deal to buy Cashcade, owner of foxybin....


Red Hawk Casino Announces the Addition of New Progressive Jackpots and Table Games - Monday 27th of July 2009

Red Hawk Casino is pleased to announce that Beat the Field(TM), a new progressive jackpot game, will....


Commerce Casino tries its luck with off-track betting - Monday 27th of July 2009

Beginning this weekend, horse racing fans can place bets and watch televised races at the Commerce C....


Gambling dens flourish despite national ban; police blamed - Monday 27th of July 2009

Less than a month after lawmakers outlawed gambling, many casinos and gaming establishments have gon....


Desmonds bet on private gambling club yet to pay off - Monday 27th of July 2009

DERMOT DESMOND’S punt on The Sporting Emporium in Dublin doesn’t appear to be paying off for the wea....


Bookies Slam New Gambling Rules - Monday 27th of July 2009

Bookmakers said Tuesday that they were “shocked” about a State Duma initiative that would require th....


Atlantic City casino security guards given more power to curb underage drinking, gambling - Monday 27th of July 2009

Security guards at Atlantic Citys casinos will be able to detain gamblers and drinkers they suspect....