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Adelson Company May Be Valued at $4 Billion

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.

Copyright © Las Vegas Sun. Inc. Republished with permission.

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