Sands may sell Macau casino, then lease it back

Apr 27, 2009 7:49 PM
by Ray Poirier | Still searching for money, despite having recently modified its debt restrictions, Las Vegas Sands Corp. (LVS) is considering the sale of some of its Macau casino operations under a lease-back arrangement, according to a story in the South China Morning Post.

The newspaper, citing unidentified sources, said the deal could potentially provide the Sands with $1.3 billion in cash.

Related Articles:
Gaming stocks now on the rebound?
Las Vegas billionaires: riches to rags?
Las Vegas billionaire loses billions this year
Also Check out Casino Industry News

According to the story, the casino operator is considering the sale and lease-back of its signature gambling facility on the main Macau peninsula. It would retain its gaming license and operate the casino but would pay the property buyer a rental amount based on its gaming revenue.

Reportedly, the Sands Macao generates earnings of about $40 million per quarter, before the usual deductions.

The South China Morning Post story was not confirmed by any officials of Las Vegas Sands.

Question? Comment? E-mail me at: Ray Poirier