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LAS VEGAS, Nevada -- Las Vegas Sands Corp. took another step toward restarting its stalled projects on Macau's Cotai Strip.
The company announced this morning it had secured commitments for up to $600 million of cash through the sale of exchangeable bonds. The bonds must be exchanged into common stock of one of the company's subsidiaries pending a successful initial public offering on the Hong Kong Stock Exchange.
Las Vegas Sands has said proceeds from an IPO in Asia would be used to resume construction on hotel-casino developments in Macau, which were halted 10 months ago when the company ran into financial trouble and credit markets dried up.
"The completion of this financing, which we expect to occur in a matter of days, will enhance our current liquidity position and further our efforts toward reaching long-term financial stability," Las Vegas Sands Chairman Sheldon Adelson said in a statement.
Las Vegas Sands President Michael Leven said this pre-IPO financing is another component of the company's current efforts to strengthen its financial position.
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