Two Way Hard Three | Las Vegas Casino & Design Blog
November 10, 2008
Las Vegas Sands Will Raise $2.14 Billion
Posted by HunterAfter posting fairly dismal third quarter results today, Las Vegas Sands indicated that it should have deals in place by the end of the week that will give it access to over $2 billion in new capital.
The company recently informed investors that it was in danger of breaching debt covenants due to leverage issues.
The company is suspending part of its ongoing Cotai Strip development in Macau to focus on its two other projects: Marina Bay Sands in Singapore and Bethlehem, PA casino project. The St. Regis condo project on the Las Vegas Strip will also be suspended.
http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=AP&date=20081110&id=9365806
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/11-10-2008/0004922432&EDATE=
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Recent Comments
- All Recent Comments on one page.
- Mark D recently commented "Jeff, Steven Johnson of Scottsdale and James Peterson of Albuquerque paid $..." in Las Vegas Sands Will Raise $2.14 Billion
- Jeff in OKC recently commented "Who owns the land that LVS is building St Regis on?..." in Las Vegas Sands Will Raise $2.14 Billion
- Hunter recently commented "Las Vegas Sands has removed the 'going concern' language from its statement..." in Las Vegas Sands Will Raise $2.14 Billion
- Mark D recently commented "The frame of the St. Regis isn't very tall yet, only about 10 floors. Most ..." in Las Vegas Sands Will Raise $2.14 Billion
- steve_c recently commented "Yay! I can't wait to see the skeleton of the St. Regis tower rotting away o..." in Las Vegas Sands Will Raise $2.14 Billion
- Mike T recently commented "Talk of a rift between upper mgmt. and Adelson was in the WSJ article today..." in Las Vegas Sands Will Raise $2.14 Billion
- Hunter recently commented "An interesting part of the above RJ article - the bit about loss of confide..." in Las Vegas Sands Will Raise $2.14 Billion
- Hunter recently commented "Details of the financing: <a href="http://www.lvrj.com/business/34320339.h..." in Las Vegas Sands Will Raise $2.14 Billion
- Hunter recently commented "Another interesting angle: <a href="http://www.lasvegassun.com/news/2008/n..." in Las Vegas Sands Will Raise $2.14 Billion
- GregoryZephyr recently commented "This will sound like a tacky idea, but since they said they are going to fi..." in Las Vegas Sands Will Raise $2.14 Billion
- Brian Fey recently commented "WOW!!! 181 Million new shares coming onlline today priced at $5.50. Can y..." in Las Vegas Sands Will Raise $2.14 Billion
- TC from Boston recently commented "While I'm no financial wiz...I find it interesting that they are going to s..." in Las Vegas Sands Will Raise $2.14 Billion
- detroit1051 recently commented "LVS slots continue to offer lower payback percentages to players than WYNN ..." in Las Vegas Sands Will Raise $2.14 Billion
- detroit1051 recently commented "Business Week offers a dig at Adelson's participation in the conference cal..." in Las Vegas Sands Will Raise $2.14 Billion
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Comments
Business Week offers a dig at Adelson's participation in the conference call and another at the call being 30 minutes late, so Brian's not the only one who called them on it.
http://www.businessweek.com/bwdaily/dnflash/content/nov2008/db20081110_861486.htm?campaign
LVS slots continue to offer lower payback percentages to players than WYNN does according to each company's 3rd Quarter Results.
LVS reported 3rd Quarter slot win at 6.0% compared to 6.2% last year.
WYNN reported 3rd Quarter slot win "within the expected range of 4.5 to 5.5%."
While I'm no financial wiz...I find it interesting that they are going to suspend the condo project, I would think scaling it back a little would be better than putting it on hold. Considering it will basically be a huge eye sore for the foreseeable future of steel and other junk, atleast when a new tower is being built there is a means to an end, but this is now just going to be Palazzo and Venetian rooms with a view of a 1/4 finished building.
WOW!!! 181 Million new shares coming onlline today priced at $5.50. Can you say diluted?
This will sound like a tacky idea, but since they said they are going to finish the podium (lower floors) of the condo tower, they could just wrap what's been completed of the upper tower floors in plastic. Slap on some giant signage and, voila, it's just another a big sign. Would blend right in.
Another interesting angle:
http://www.lasvegassun.com/news/2008/nov/11/macau-leader-no-plans-to-help-sands-financing/
Macau will not be throwing into the pot for LVS, though they won't let the casinos shut down even if the worst happens.
Details of the financing:
http://www.lvrj.com/business/34320339.html
An interesting part of the above RJ article - the bit about loss of confidence in LVS management. Sounds like a rift between Weidner and Adelson.
Talk of a rift between upper mgmt. and Adelson was in the WSJ article today too. LVS made front page above the fold in the WSJ today.
Yay! I can't wait to see the skeleton of the St. Regis tower rotting away on LVB for the next 2-5 years. That will really add a lot to that section of the strip. Nothing like reminding folks on their vacations about how horrible our economy is doing.
Yay.
The frame of the St. Regis isn't very tall yet, only about 10 floors. Most people won't even notice it since the bottom is pretty much done. Also, remember, LVS doesn't own the land that they are building the St. Regis on.
Las Vegas Sands has removed the 'going concern' language from its statements, meaning that it is solvent enough to satisfy auditors at this time.
Who owns the land that LVS is building St Regis on?
Jeff, Steven Johnson of Scottsdale and James Peterson of Albuquerque paid $32.5 million for
the 0.64-acre site and are leasing the air space to LVS for the condo tower.