Casino firm seeks cash to re-start developments
Posted by Gavin Smith on 22 Jul 2009 at 09:07
Casino giant Las Vegas Sands could file with officials in Hong Kong as soon as August for an initial public offering of shares in its Macau venues, according to reports.
Business Day said the Las Vegas-based company may also look to seek amendments to its Macau bank loan, including covenant relief and permission to issue as much as US $1.5 billion in new debt.
Sands has been looking for cash to restart work at its brand new resort project in Macau.
Work at the site stopped in 2008 as the credit markets wobbled, with sliding revenue also a factor in the stoppage.
According to Business Day, a spokesman for Sands, Ron Reese, said the firm was talking to lenders about possible deals in Macau.
Some 70 per cent of Sands' sales originate from Macau, the world's biggest gaming destination in terms of revenue.
Business Day also reported that Sands is looking for public or private options to boost liquidity and complete its resort projects, including casinos Sands and Venetian and the apartment hotel Four Seasons.
Sands shares have gone up by 45 per cent this year, Business Day added, and there is also talk of the firm buying back part of some American term loans as it reviews its finances.
