Las Vegas Sands (LVS)

Re: Las Vegas Sands

Postby iam802 » Fri Nov 07, 2008 8:27 am

Las Vegas Sands Chief Adelson Said to Hold Talks With Singapore

http://www.bloomberg.com/apps/news?pid= ... refer=home

Nov. 7 (Bloomberg) -- Sheldon Adelson, the billionaire who controls Las Vegas Sands Corp., held talks with the Singapore government this week as the casino company struggled with a cash shortage that threatens a $4 billion casino development there, a person with knowledge of the meetings said.

Las Vegas Sands is seeking funding to stave off defaults on loans or face ``substantial doubt'' about its ability to survive as a going concern, the casino owner said today in a filing. Las Vegas Sands and government officials will publicly pledge to complete the development in Singapore, said the person, who declined to be identified because the information isn't public.

Las Vegas Sands plunged in New York trading yesterday, posting its biggest drop since going public in 2004 after saying it might default on loans arranged by Citigroup Inc., Goldman Sachs Group Inc. and Lehman Brothers Holdings Inc.

The casino owner, which had $8.8 billion in long-term debt at the end of June, said in a regulatory filing that it probably won't meet lenders' requirements unless it cuts spending on developments, boosts earnings at its Las Vegas Strip casinos and raises more capital.

The Las Vegas-based company's dwindling cash flow might jeopardize $16 billion worth of developments in Macau, China, and Singapore, where Las Vegas Sands is building resorts to cater to wealthy Asian gamblers.

Las Vegas Sands spokesman Ron Reese declined to comment on any negotiations. Singapore government officials didn't have immediate comment.

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Re: Las Vegas Sands

Postby iam802 » Tue Nov 11, 2008 11:23 am

Slow down Macau and focus on SG.

----
Casino mogul puts Macau plans on hold

http://business.smh.com.au/business/cas ... -5m43.html
Casino operator Las Vegas Sands Corp, which warned last week it was in danger of violating loan agreements, said on Monday it would suspend construction in Macau as it copes with a lack of financing options.

Sands also reported a narrower third-quarter net loss and said it expects to shortly release details of a $US2 billion ($3 billion) bond sale.

''The whole solvency risk is gone and it looks like the liquidity risk will be gone,'' said Jefferies & Co analyst Lawrence Klatzkin.
Sands has elected to significantly slow the pace of development activity along Macau's Cotai Strip ''as we focus our current efforts on maximizing our cash flow and our returns on invested capital from our existing properties in Macau,'' Chief Operating Officer William Weidner said in a statement.

Majority-owner Chairman and Chief Executive Sheldon Adelson, speaking on a conference call, said the Macau government may act to help find financing for the projects.

The company also said it would suspend work on the St. Regis luxury-condominium project in Las Vegas and would focus on the casino components at its Bethlehem, Pennsylvania, development.

It still expects the Marina Bay Sands project in Singapore to open next year.

The Las Vegas-based company posted a net loss of $US32.2 million, or 9 cents a share, compared with a net loss of $US48.5 million, or 14 cents a share, in the year-earlier quarter.

Sands attributed the smaller loss to increases in operating income and an income tax gain, partially offset by an increase in interest expense and a decrease in other income.

After adjusting for one-time items, Sands said it earned 2 cents a share in the quarter, well short of the 11 cents a share expected by analysts, as compiled by Reuters Estimates.

''The results weren't that bad...Vegas was a little bit on the rocks, but that was expected,'' Klatzkin said.

The company said net revenue rose 67% to $US1.11 billion, close to the $US1.16 billion expected by analysts.

Sagging US consumer spending power has hurt business in Las Vegas, where Sands operates the Palazzo and Venetian resorts, as well as the Sands Expo and Convention Center.

The company operates two casinos in Macau, where officials have recently restricted travel from mainland China, and has several more projects underway there as well as in Singapore and Bethlehem, Pennsylvania.

The company said in its US Securities and Exchange filing on Monday that if it is unable to raise additional capital in the near term, it would need to consider further suspending portions, if not all, of its remaining global development projects.

The casino operator has also filed a shelf registration with regulators that would allow it to sell securities.

Shares of Sands, which have plummeted from a 52-week high above $US122, rose 14% on Monday to close at $US8.00 on the Nasdaq only to fall in after-hours trade to $US7.45.
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Re: Las Vegas Sands

Postby millionairemind » Tue Nov 11, 2008 3:05 pm

Looks like CAPLAND going to head south..

Las Vegas Sands secures US$2b capital funding, remains committed to S'pore project
By Wong Siew Ying, Channel NewsAsia | Posted: 11 November 2008 1349 hrs

• Las Vegas Sands reaffirms commitment to Marina Bay Sands project

• No indication of default from Las Vegas Sands, says DBS Group


SINGAPORE: Las Vegas Sands said Tuesday it has secured over US$2 billion in capital funding commitments to avoid violating loan agreements.
President and Chief Operating Officer William Weidner said in a conference call that Sands expects to close the transaction by the end of the week.

He continued to say that however, there will be some changes to Sands' overseas resort developments.

It will stop construction work at two sites in Macau's Cotai Strip pending project financing arrangements.

Mr Weidner said Sands hopes to have an agreement with a major Chinese bank within the next three to six months.

Sands will also suspend the building of its St Regis Residence luxury-condominium project in Las Vegas indefinitely.

The operator said it expects to save US$1.8 billion by delaying and curbing plans for those projects.

But Sands said it remains committed to its Marina Bay Sands project in Singapore, and expects to open the resort by late 2009 according to plan.

Sands said it expects a significant return on capital from the Marina Bay Sands resort project.

It assured that the current capital market conditions will not significantly impact the integrated resort development in Singapore.

Sands also released its third quarter financial results overnight.

It narrowed its net loss to US$32.2 million, compared with US$48.5 million a year ago.

Sands said this is due to increases in operating income and an income tax gain.

Revenue increased by two-thirds to US$1.1 billion.

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Re: Las Vegas Sands

Postby iam802 » Wed Nov 12, 2008 8:33 pm

Singapore Won't Bail Out Las Vegas Sands's Project in City

http://www.bloomberg.com/apps/news?pid= ... refer=asia


Nov. 12 (Bloomberg) -- Singapore's government won't bail out the casino-resort being built by Las Vegas Sands Corp. in the city-state's downtown, said Senior Minister of State for Trade and Industry S. Iswaran.

Las Vegas Sands and its Singapore unit Marina Bay Sands hasn't sought a bailout from the government, he added. The government's tourism board said Oct. 29 it's in talks with the company to ``facilitate'' the success of the Singapore resort. The stock rose 80 percent after the statement.

``There have been no requests for a government bailout from Marina Bay Sands and neither does the government intend to do one,'' Iswaran said, according to a transcript of his comments to reporters in Singapore today.

The success of Las Vegas Sands's project is crucial for the city-state, which is counting on two casino-resorts to help double visitor arrivals and triple tourism spending by 2015. The Las Vegas casino operator said yesterday it will get a $525 million investment from the family of Chief Executive Officer Sheldon Adelson and plans to sell $1.62 billion more in shares to raise cash and avoid bankruptcy.

``This has always been a commercial project,'' Iswaran added. ``The fundraising that Marina Bay Sands has done is an example of what they need to do in this environment in order to strengthen their balance sheet and be able to fund the relevant projects and they have to do some prioritization and that is what they have been doing and I think it is the right thing.''

The casino operator said Nov. 10 it will halt construction in Macau, where it earns two-thirds of revenue, to focus on its $4 billion Singapore project.

Adelson, who owns about two-thirds of the company, was ranked the third-richest man in the U.S. by Forbes magazine before the shares tumbled 95 percent this year. The casino owner needs the cash to avoid violating the terms of some U.S. loans and triggering defaults that may force it into bankruptcy.


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Re: Las Vegas Sands

Postby LenaHuat » Wed Nov 12, 2008 8:57 pm

GIC will not but Temasek will. It's in Temasek's charter to invest in Singapore's strategic assets isn't it! GIC manages our foreign reserves.
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Re: Las Vegas Sands

Postby blid2def » Wed Nov 12, 2008 8:59 pm

Read between the lines... Singapore govt won't do it. Doesn't say that Singapore govt's corporate friends won't. :D
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Re: Las Vegas Sands

Postby LenaHuat » Wed Nov 12, 2008 9:01 pm

GR

No need to read between the lines. :lol: :lol: No spacing between lines one :lol:
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Re: Las Vegas Sands

Postby kennynah » Thu Nov 13, 2008 3:42 am

LenaHuat wrote:GIC will not but Temasek will. It's in Temasek's charter to invest in Singapore's strategic assets isn't it! GIC manages our foreign reserves.


actually...i am not sure about this fact.....so shameful isnt it...for a singaporean to not even know where our money is ???
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Re: Las Vegas Sands

Postby winston » Thu Nov 13, 2008 8:52 pm

Up to 11,000 Macau workers to lose jobs

A top Las Vegas Sands executive says up to 11,000 workers will lose their jobs in Macau after the company halted building projects in the city.

Stephen Weaver, Sands' president for Asia, made the announcement on Thursday in Macau.

Weaver says about 2,000 of the workers are from Macau, and the remainder are from Hong Kong, mainland China and other countries.

Weaver says Sands has been forced to fire workers after announcing earlier this week it would suspend construction on two sites in Macau.

Weaver says Sands is trying to arrange financing to finish projects, but he could not say how long that would take or when the construction would resume.

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Re: Las Vegas Sands LVS

Postby LenaHuat » Thu Nov 13, 2008 8:55 pm

The writing was on the wall for many months. So many idle workers at the casinos.
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