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LV Sands files for Hong Kong Stock Exchange20 August 2009
LAS VEGAS, Nevada –- Las Vegas Sands Corp. said it has formally applied with the Hong Kong Stock Exchange for a listing on the main board of the Asian stock market. In a brief filing with the Securities and Exchange Commission this morning the operator of the Venetian and Palazzo and three resorts in Macau said the timing and terms of the initial public offering are still to be determined. In a note to investors, JPMorgan gaming analyst Joe Greff said Las Vegas Sands could raise up to $2 billion by offering up to 30 percent equity in its Macau casinos to back the IPO. Last week, Las Vegas Sands' lenders in Macau gave the company some relief in its loan covenants, which is paving way for the Hong Kong listing. "This is the first important step in a path to improved liquidity and increased financial flexibility," Greff told investors. Las Vegas Sands has said proceeds from the IPO would be used to resume construction of the company's hotel-casino projects on Macau's Cotai Strip region, which were halted last November due to financing issues. Copyright GamingWire. All rights reserved. Related Links
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