Las Vegas Sands Corp., Wynn Resorts Ltd. and MGM Mirage, the three largest US casino companies, may signal an “ugly” year ahead as gamblers curb casino trips and betting from Las Vegas to Macau. Eight straight months of declining gambling revenue on the Las Vegas Strip and tightened visa limits by authorities in Macau, the only place in China where casinos are legal...
New York (AP) -- Casino mogul Sheldon Adelson said Wednesday he is seeking to raise USD 2 billion in debt financing from Asian banks to complete work on expansion projects planned by Las Vegas Sands Corp. in the Chinese gambling enclave of Macau. Adelson disputed reports that that Las Vegas Sands, which operates the Venetian and Palazzo resorts in Las Vegas and the Sands Macao and the Venetian Macao in China...
Las Vegas Sands Corp might spin off billions of dollars of Macau retail assets into a property fund, but is under no pressure for a quick sale despite problems funding ambitious casino expansion, an executive said. The company, which runs the giant Venetian Macao casino and is building more hotels and casinos in the territory, floated the idea of selling its shops into a listed property trust a couple of years ago.
With US consumers struggling to pay mortgages, pay off credit cards and fill up their gas tanks, there appears to be little left over for discretionary spending. Goldman Sachs applied this reasoning to the casino sector, cutting its price targets on several big name gambling-related companies. "We would acknowledge that in a consumer-led recession casinos’ top lines will come under pressure, but we do not think consumers will stop completely...
New York (AP) -- A JPMorgan analyst reduced some casino operators' estimates Monday, partly on a slowdown in Las Vegas spending and Macau revenue growth. Analyst Joseph Greff said in a client note that Wynn Resorts Ltd. is still well-positioned due to its solid balance sheet, assets and strong project funding, but investors may be nervous about the opening of its Encore resort in Las Vegas later in the year given current economic conditions.
Las Vegas Sands Corp. announced that Sheldon G. Adelson, its Chairman, Chief Executive Officer and principal stockholder, and his family, have completed an investment in the company of USD 475 million in convertible senior notes in a private transaction. "My family and I are pleased to make an additional investment in Las Vegas Sands Corp. as the company advances its development plans both domestically and around the globe," said Adelson.
The billionaire casino magnate Sheldon Adelson reportedly met with Indian trade and tourism ministers on his way to Macau for the opening of the Four Seasons Hotel. Macau and Singapore are not the final destinations for Las Vegas Sands in Asia, he said. “We would like to build a Cotai Strip in India,” he says. In Macau, Adelson told an Indian reporter, “You could have the equivalent of Las Vegas.
Las Vegas Sands Corp., faced with paying a lawsuit judgment of USD 58.6 million to a Hong Kong businessman, told investors it hasn't recorded any reserves or contingencies for the legal matter. Why? The casino operator doesn't think it will ever have to settle up. "The company believes this potential loss is not probable or estimable," Las Vegas Sands said in a 10-Q filing with the Securities and Exchange Commission last month.
Taipei (CENS) - In view of the thawing atmosphere across the Taiwan Strait, Las Vegas Sands Corporation is probing the opportunity of setting up a casino in Taipei or Kaohsiung, in case the Taiwanese government opens up casino establishment, said William Weidner, president of Sands, in an interview with the Chinese-language Economic Daily News, sister publication of Taiwan Economic News.
US company Las Vegas Sands is due, on 28 August, to open its third hotel in Macau, this time managed by the Four Seasons chain and which will include a retail area and a casino. The new casino, which is opening a year after The Venetian, will have around 170 gaming tables and 210 slot machines as well as an entrance separate from both the hotel and the retail area. The hotel will have 360 rooms, five restaurants, two bars and a spa, whilst the retail area...
New York (AP) -- Las Vegas Sands Corp.'s flagging shares got a boost on Monday after an analyst said the casino operator's current stock price does not reflect its potential for growth in Macau and other international markets. Las Vegas Sands shares jumped USD 3.62, or 9.4 percent, to close at USD 42.20. During the past 52 weeks, the stock has dropped from a high of USD 148.76 in October 2007 to a low of USD 30.56 last week.
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.
