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Best of Howard Stutz

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Howard Stutz
 

LV Sands completes $600 million transaction

8 September 2009

LAS VEGAS, Nevada -- Las Vegas Sands Corp. said this morning it completed a $600 million financing transaction, a preliminary step toward an initial public offering of shares on the Hong Kong Stock Exchange.

The IPO, which will be backed by the company's casinos in Macau, will allow Las Vegas Sands to restart construction on several stalled projects along the Chinese gaming enclave's Cotai Strip.

Las Vegas Sands has been also trying to strengthen its balance sheet.

"The closing of this financing, in combination with the other measures we have completed to date, demonstrates that we are successfully executing that plan," Las Vegas Sands Chairman Sheldon Adelson said in a statement.

Still, Las Vegas Sands is focused on opening the $5.5 billion Marina Bay Sands in Singapore later this year.

"The important opening of our Marina Bay Sands property in Singapore will remain our top priorities in the months to come," Adelson said. "The success of these efforts will further enhance our financial strength, position us extremely well for future growth, and enable us to create long-term value."