Moody's boosts ratings for Las Vegas Sands

23 August 2010

By Howard Stutz

LAS VEGAS, Nevada -- Moody's Investors Service boosted its ratings on bonds covering Las Vegas Sands Corp., two days after the casino operator announced plans to repay $1 billion in debt and extend the due dates of 75 percent of its loans.

In a report, Moody's said Las Vegas Sands took steps to that would allow the company to restart stalled construction projects in Macau and take advantage of gaming expansion opportunities worldwide.

Moody's moved Las Vegas Sands' corporate family rating to B2 from B3, despite lowered earnings from the company's Strip casinos it operates the Venetian and Palazzo resorts. In Macau, Las Vegas Sands operates three hotel-casinos and has plans to resume construction of four developments on he Cotai Strip region.

In April, Las Vegas Sands opened the $5.7 billion Marina Bay Sands in Singapore.

"Although faced with continued challenges at its Las Vegas casino subsidiary, Las Vegas Sands consolidated results are benefiting substantially from the company's foray into the Asian gaming market," Moody's senior vice president Keith Foley said. "We expect (Macau and Singapore) will continue to experience strong and growing visitation and consumer demand trends."