A Las Vegas Sands Corp. subsidiary has submitted an application to the Hong Kong Stock Exchange for a potential listing, according to a regulatory filing on Thursday.
The Sheldon Adelson-led casino operator said in the Securities and Exchange Commission filing that no decisions have been made on the timing or terms of any offering and that there were no guarantees that the subsidiary would follow through with the possible listing.
Analysts have speculated for some time that Las Vegas Sands (LVS) might make such a move.
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The application brings Las Vegas Sands one step closer to potentially improved liquidity, JPMorgan analyst Joseph Greff said in a client note.
Greff predicts the filing puts Las Vegas Sands on schedule for a Hong Kong IPO by the end of November or early December at the latest and might raise $1 billion to $2 billion of equity through the sale of a minority equity interest in its Macau operations.
Last week, Las Vegas Sands said it reworked a credit agreement in a way that would let it sell a minority interest in its Macau operations to raise cash. The amendment to its $3.3 billion Macau credit facility gives the casino operator 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 Las Vegas-based company owns the Venetian and Palazzo hotel-casinos on the Las Vegas Strip, as well as Sands Macao, Venetian Macau and Sands Casino Resort Bethlehem in Pennsylvania, among other properties.
Las Vegas Sands is also developing resorts on the Cotai strip, a short drive from Macau's main casino area.
Shares rose 18 cents to $12.93 in premarket trading.
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