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LV Sands seeks funds for Macau

23 October 2009

MACAU -- Las Vegas Sands wants to raise as much as $2 billion to get some of its stalled casino projects in Macau up and off the ground, according to Bloomberg.

Sheldon Adelson's casino company is willing to contribute additional equity on its project on the Cotai Strip. Bloomberg reports that Sands has already spent $1.6 billion on the hotel and casino complex.

Adelson stopped construction on the Macau project last year after the economy took a nosedive south.

"We expect Macau gaming revenues will increase by 20 percent in 2010," Deutsche Bank AG analyst Karen Tang, who covers Hong Kong-listed Macau casino operators, said in a note to clients today. "The dominating growth driver is the ability by junket operators to lend. Junket operators told us that higher real estate prices are speeding up the velocity of money, and will likely strengthen their ability to lend."

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