Las Vegas Sands is preparing to issue an initial public offering of shares in its Macau properties. The casino operator is looking for increased liquidity and the financing essential to finish stalled projects, including a proposed retain and restaurant development at the Cotai Strip.According to Bloomberg, an unidentified source inside the company confirmed the looming IPO filing, and said the corporate could also be negotiating changes in its credit covenants. Lenders must approve the sale of any new debt, in addition to any changes in terms.
Sheldon Adelson, majority owner of Las Vegas Sands, says the IPO is a key a part of a plan to lift up to $4 billion for the gaming operator. New debt can also be created to repay maturing loans, granting the next rate of interest and maybe an upfront payment in exchange for an extended life for the loan.
Adelson has previously discussed exploring selling a minority share of a few of the Macau holdings to non-public equity companies, but no deal have been reached.
The company has also engaged in belt-tightening measures, resulting almost $500 million in savings in construction costs. Company president Michael Leven says jobs in Macau may be cut by as many as 4000 throughout the next two months.
Published on July 19, 2009 by JulieWong
Read More... [Source: Macau Casino Gambling News]
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