Las Vegas Sands officials are looking for new ways to bring cask into their casino gambling operations, including an initial public offer and sales of minority ownership.

Las Vegas Sands is preparing to issue an initial public offering of shares in its Macau properties. The casino operator is seeking increased liquidity and the financing necessary to finish stalled projects, including a proposed retain and restaurant development on the Cotai Strip.

According to Bloomberg, an unidentified source within the company confirmed the looming IPO filing, and said the company is also negotiating changes in its credit covenants. Lenders would have to approve the sale of any new debt, as well as any changes in terms.

Sheldon Adelson, majority owner of Las Vegas Sands, says the IPO is a key part of a plan to raise as much as $4 billion for the gaming operator. New debt may also be created to pay off maturing loans, granting a higher interest rate and perhaps an upfront payment in exchange for a longer life for the loan.

Adelson has previously discussed exploring selling a minority share of some of the Macau holdings to private equity companies, but no deal has been reached.

The company has also engaged in belt-tightening measures, resulting almost $500 million in savings in construction costs. Company president Michael Leven says jobs in Macau will be cut by as many as 4000 within the next two months.

Published on July 19, 2009 by JulieWong

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