Sands reworks credit deal to allow Macau sale

Aug 13, 2009 11:44 PM
Staff & Wire Reports |

Casino operator Las Vegas Sands Corp. (LVS) says it has reworked a credit agreement in a way that would let it sell a minority interest in its Macau operations to raise cash.

Shares advanced $1.44, or 11.7 percent, to $13.73 following the news.

The amendment to its $3.3 billion Macau credit facility also gives Las Vegas Sands six quarters of relief from some requirements of its debt agreements. Las Vegas Sands also can issue senior secured or unsecured notes in Macau.

The company is controlled by billionaire CEO Sheldon Adelson, who said in a statement that the amendment boosts financial flexibility.

Also possible is a listing of a minority interest of its Macau operations on an Asian stock exchange.

Question? Comment? E-mail the staff at: Staff of GamingToday

Related Articles:
What an opening for Sands Casino in Pennsylvania!
Analyst impressed with new Las Vegas Sands casino
Sands casino 'steels' show in Bethlehem
Las Vegas billionaire loses billions this year