Hong Kong (Dow Jones) – Las Vegas Sands Corp., the hotel and gaming company run by casino mogul Sheldon Adelson, is seeking to raise USD 7 billion in loans for its Macau project, people familiar with the situation said. The fund-raising for the Venetian Resort & Casino in Macau comes at a time when investors are seeking high-risk premiums and banks are wary of making major loans.
„The money will go toward expanding and refinancing some loans for the Venetian (Resort & Casino) in Macau,“ said one person. „Banks interested in financing have been invited to tour the Venetian property later next week for a soft sell.“
Coordinators for the Las Vegas Sands loans are Citigroup Inc. ©, Lehman Brothers Holdings Inc. and Goldman Sachs Group Inc., they said.
Another person said that while the fund-raising aim was for USD 7 billion, it was „fluid“ and could be lower if next week’s marketing event generates less demand.
The largest loan in the region so far this year, according to Thomson Reuters, is the USD 5.5 billion loan arranged in January by Bank of China Ltd. and Industrial & Commercial Bank of China Ltd. for Liaoning Hongyanhe Nuclear Power Co. to fund a nuclear power project.
Last year’s biggest Asia-Pacific loan was the USD 8.83 billion package arranged for Australian conglomerate Wesfarmers Ltd., which acquired Coles Group Ltd. for AUD 18 billion.
That package was arranged by Australia & New Zealand Banking Group Ltd. and BNP Paribas SA, among others.
Las Vegas Sands, which has its biggest presence in Macau, reported a first- quarter net loss of USD 11.2 million, or 3 U.S. cents a share, compared with year-earlier net income of USD 90.9 million, or 26 U.S. cents a share.