by: Gene Koprowski.
The Las Vegas Sands Corp. is planning to raise funds to
restart its $12 billion casino-resort project in Macau now that the
freeze in credit markets has eased.
“There are obviously improving conditions in the capital and financial markets and we intend to take advantage of that as well as we can,” Las Vegas Sands’ Asia President Stephen Weaver said. “I’m spending a lot of time talking to the capital markets and financiers.”
The casino operator last year postponed work on its 20,000-room complex of hotels and casinos on Macau’s Cotai Strip amidst the contraction of the credit markets, dwindling revenues and the fears of defaulting on some loans. CEO Sheldon Adelson has said he’s considering a bond sale and is looking at a “private or public” investment in the firm’s Macau properties.
“Floating the company makes sense,” Gabriel Chan, a Hong Kong-based analyst at Credit Suisse Group, said, citing Las Vegas Sands’ 76 percent share-price gain this year. “It’s very difficult for them to sell assets like malls because whoever buys has no control over the casino.”
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