Casino operator plans float in Hong Kong

22.07.2009, THE Las Vegas Sands Corporation plans to file papers with regulators in Hong Kong as early as next month for a public float of its Macau casinos, someone with knowledge of the plans said.

The casino operator, controlled by the US billionaire Sheldon Adelson, is also seeking amendments to its Macau bank loan, including covenant relief and permission to issue $US1.5 billion ($1.9 billion) in new debt, said the person, who refused to be named because the plans were not public.

The funding would enable it to restart work on its $US12 billion, 20,000-room complex of hotels and casinos on the Cotai Strip in Macau. Building ceased last year as credit markets froze, revenue dwindled and Las Vegas Sands risked defaulting on some loans.

The company could raise $US2 billion by selling a minority stake of its Macau business in Hong Kong, its president, Michael Leven, said last month.

On Friday a spokesman, Ron Reese, said the company was discussing possible transactions in Macau with its lenders.

About 70 per cent of its sales come from Macau. In May Mr Adelson said them firm was pursuing "public or private" options to raise liquidity and restart the Venetian and Sands Macau casino resorts and the Four Seasons Macao hotel. The float was part of a plan to raise up to $US4 billion, he said last month. The company had almost $US3.41 billion in Macau-related long-term debt at March 31, regulatory filings show.

Bloomberg

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 Casino operator plans float in Hong Kong ---


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