Analyst: Las Vegas Sands may sell Asian assets

14.05.2009, Casino operator Las Vegas Sands may look to sell some of its Asian assets, analyst says

NEW YORK (AP) -- Las Vegas Sands Corp. may look to sell some Asian assets, which a JPMorgan analyst said Tuesday could bring in "a sizeable amount of net proceeds" for the casino operator.

Joseph Greff said that a recent investor luncheon with Las Vegas Sands Chairman and Chief Executive Sheldon Adelson leads him to believe that "an asset monetization event in Asia in imminent."

The analyst anticipates the company may sell its Asian retail malls; sell condominiums at the Four Seasons Apartment or try to sell sites 5 and 6. The sites on the Cotai Strip include a Shangri-La/Traders hotel tower, a Sheraton hotel tower and three casinos.

Earlier this month Las Vegas Sands said that it was continuing to explore the sale of non-core assets, including units at the Four Seasons hotel in Macau and its retail malls. The company also indicated that it was in talks with some parties interested in taking minority stakes in its Macau developments.

Las Vegas Sands said its total debt stood at $10.41 billion at the end of the first quarter. It has no significant maturities until May 2011.

Greff views any pairing of the potential options as adding to Las Vegas Sands' equity value and strengthening its balance sheet. He predicts that the potential sales could happen within the next three months.

One property unlikely to be considered for a sale is the Sands Macao casino resort, according to Greff.

"We don't think a sale of Sands Macao or a sale-leaseback of Sands Macao is likely," he wrote in a client note.

Greff reiterated an "Overweight" rating.

Shares of Las Vegas Sands fell 33 cents to $10.61 in morning trading as the broader market fluctuated in a narrow range a day after a sell-off.

Über Glücksspiele in Macau - Gambling in Macao:

Macau (englisch Macao) liegt rund 50 Kilometer westlich von Hongkong und ist das Glücksspiel-Paradies in Asien.

Macau hat rund 40 Spielcasinos. Die grössten Casinos sind The Venetian Macao, MGM Macao, Wynn Macao, Galaxy StarWorld, City of Dreams, Sands Macao, Casino Lisboa.

Neben den riesigen und farbenfrohen Casinobuildings ist eines der Wahrzeichen der Macau Tower (Fernsehturm mit 338 Meter) mit atemberaubenden Ausblicken auf die Stadt.

Macau erstreckt sich über eine Fläche von 115.3 km2 und hat rund 620'000 Einwohner.

--- Ende Artikel / Pressemitteilung Analyst: Las Vegas Sands may sell Asian assets ---


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