CasinoCityTimes.com

Gurus
News
Newsletter
Search News Subscribe
Stay informed with the
NEW Casino City Times newsletter!
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!
Related Links

Gaming News

 

Adelson Company May Be Valued at $4 Billion

21 June 2004

Las Vegas Sun

Sheldon Adelson's Las Vegas Sands Inc., which operates the Venetian Casino Resort on the Las Vegas Strip, may have a market value of at least $4 billion after an initial public offering.

The value is based on its two casino properties and the market value of rival Wynn Resorts, Barron's reported.

Las Vegas Sands opened a second property last month, Sands Macao, in Macau.

Though there is no guarantee that Las Vegas Sands will go public, William Weidner, the company's chief operating officer, said a share sale would give the company more "financial flexibility" and "a currency" for future deals, Barron's said.

Wynn Resorts has seen its share price rise to $38 from an IPO price $13 a share in late 2002, Barron's said. It has a market value of $3.2 billion, with about $600 million in debt. Las Vegas Sands also has about $600 million in debt, though the equity value could be about $4.4 billion when cash flow from the casino properties are taken into consideration, Barron's reported.

< Gaming News