Analysts revise ratings of Las Vegas Sands

Sep 16, 2008 7:00 PM

by Ray Poirier | Concern over Las Vegas Sands’ ability to raise capital during the current credit squeeze and the difficult operating conditions most gaming companies are experiencing have caused analysts to revise their ratings.

In a recent downgrade of the company’s stock, Shaun Kelley of Banc of America Securities warned that Las Vegas Sands has "significant funding needs" over the next 12 months.

"In addition to the well-known capital raising process in Macau (seeking $5.25 billion)," Kelley wrote in a note to investors, "we believe the U.S. and Singapore also face funding needs that are larger than most investors currently realize."

Also expressing concern over the company’s financial needs and lackluster results were Jake Fuller of Thomas Weisel Partners and Jeffrey Logsdon of BMO Capital Markets.