Sands China to sell shares
Posted by Carl Barnett on 18 Jan 2010 at 15:01
Sands China Ltd, part of the casino group owned by Billionaire Sheldon Adelson, is to float part of its shares in a sale that could net it around $3.4 billion dollars.
The sale of shares is to take place in Hong Kong, and represents nearly 24% of the overall share stake in the company.
There is some speculation as to the pricing of the shares, but sources quoted by Bloomberg have suggested that the price of each individual share available would come to somewhere between HK$10.38 and HK$13.88 each. This brings Sands China's value to around HK$111 billion.
The money brought in from such a sale would allow Mr Adelson's Las Vegas Sands Corporation to plunge some cash into constructing a new resort in Macau.
This new venture would be around 13 million square feet in size, and would allow Sands to pose a business threat to another casino billionaire, Stanley Ho.
Las Vegas Sands has had a bumper year for market value, having gained 159 per cent this year, progress which came after a massive drop in market share the previous year.
The company has a large stake in gambling worldwide, owning the biggest casino in the world, the Venetian Macao, but is not generally known for online casino games.