Marina Bay IR : Go or no go?

[CENWEN]

Marina Bay IR: Go or no go?

Las Vegas Sands Corp, the company behind the Marina Bay IR, may have to re-evaluate the project as it is struggling to raise capital.
Adelson's Las Vegas Sands may break loan agreement

By OSKAR GARCIA,Associated Press Writer <cite class="auth">AP - Friday, November 7</cite>
LAS VEGAS - Las Vegas Sands Corp., the international casino empire run by billionaire Sheldon Adelson, must raise new capital or slash development spending, or both, by next month to keep its lenders at bay, the company said Thursday. News that the company might break its loan agreements sent its shares plummeting 33 percent.

<script language="javascript">if(window.yzq_d==null)window.yzq_d=new Object(); window.yzq_d['M3CBXnxseNI-']='&U=13f8ie1tg%2fN%3dM3CBXnxseNI-%2fC%3d694763.13085091.13288486.2013436%2fD%3dLREC%2fB%3d5547150%2fV%3d1'; </script><noscript>

</noscript>Adelson, whose personal wealth is largely tied to his ownership in Sands, has seen his stake's value plunge along with the company's stock price, which has dropped 93 percent over the past year. At one point his shares were worth some $30 billion, making him this country's third-richest person, but as of Thursday's stock price that value had shriveled to $1.9 billion. If Sands can't raise capital and does default on portions of its long-term debt, estimated at $8.8 billion by Thomson Reuters, the company said it would have to suspend some, if not all of its development projects. Instead, the Las Vegas-based company hopes to boost earnings in its hometown, the company said in a Securities and Exchange Commission filing Thursday. But casino revenue has been down for months in Vegas amid cutbacks on travel. Also, those who do come to here have gambled less and spent less on non-gambling activities. The drop has been especially severe in Adelson's specialty, midweek convention business. As of August, overall convention business for all companies in Las Vegas had dropped 23.6 percent to $777 million for the first months of 2008.

The company said it is evaluating projects in various stages of development in Las Vegas, Pennsylvania, Macau and Singapore, and is meeting with a financial advisor to explore ways to raise capital. Adelson, 75, worked as a financial adviser and real estate investor before building casinos. He created the technology trade show Comdex in 1979, which he sold it to Japan's Softbank Corp. for $860 million in 1995. Adelson then bought the Sands Hotel and Casino, former home to the Rat Pack, in 1989. Seven years later, he was inspired by his honeymoon in Venice to erect The Venetian in its place, a $1.5 billion casino resort. The 4,027-room Venetian combined with the 3,066-suite Palazzo makes Las Vegas Sands operator of the largest property under one roof on the Las Vegas Strip. The news from Las Vegas Sands's regulatory filing sent the company's stock plunging $3.81, or 32.7 percent, on Thursday to $7.85, far below the top end of its 52-week range of $122.96. "This has the market spooked," said Robert LaFleur, an analyst with Susquehanna Financial Group. Adelson and his wife, Miriam Adelson, personally loaned the company $475 million in October so Sands could escape a similar predicament in the third quarter. Company spokesman Ron Reese said it could not comment beyond its regulatory filings until it reports its third-quarter earnings this month. In an interview in October, Adelson said Las Vegas Sands was looking to raise $2 billion in debt financing from Asian banks to finish work on some Macau expansion projects. The casino mogul controls nearly 70 percent of Las Vegas Sands personally and through family trusts.

 

[CENWEN]

No indication of default from Las Vegas Sands: DBS Group

No indication of default from Las Vegas Sands: DBS Group

<cite class="auth">AFP - Saturday, November 8

</cite>SINGAPORE (AFP) - - US gaming firm Las Vegas Sands intends to finish a casino project it is building in Singapore and there are no indications it will default on loans, lender DBS Group said Friday.

<!--Vendor: Yahoo, Format: Standard --><script language="javascript"> if(window.yzq_d==null)window.yzq_d=new Object(); window.yzq_d['xPaCXnxseNI-']='&U=13fh2nmja%2fN%3dxPaCXnxseNI-%2fC%3d707048.13076240.13278274.2013436%2fD%3dLREC%2fB%3d5539901%2fV%3d1'; </script><noscript>

</noscript>DBS is one of 40 banks that formed a syndicate to fund the Marina Bay Sands casino development, which is estimated to cost more than four billion US dollars. "All signals I'm getting from the management of Las Vegas Sands is that they intend to finish the project and move on," DBS chief executive Richard Stanley said at a news conference on the bank's third quarter earnings. "I have to accept what they say and I have seen in recent days a strong commitment to the project from Las Vegas Sands... There's been no default, there's been no indication of default," he said, adding there was no need to provide for loan provisions. "As of now, all the equity commitments have been made, the project is proceeding in pace." Stanley's comments followed a filing by Las Vegas Sands on Thursday with the US Securities and Exchange Commission in which it sounded out a warning about its financial situation. In the filing, the gaming giant said it may have to stop or ease up the pace of its global projects should it fail to secure the necessary funding or obtain favourable credit terms. "If the company is not able to obtain the requisite financing or the terms are not as favourable as it anticipates, the company may be required to slow or suspend its global development activities... until such financing or other sources of funds become available," Las Vegas Sands said. "These factors raise a substantial doubt about our ability to continue as a going concern." It said Las Vegas Sands' projects in Macau's Cotai Strip will be among those affected. The company, headed by billionaire gaming tycoon Sheldon Adelson, operates the Sands Macao and The Venetian Macao Resort Hotel in Macau. Last month, Singapore's Straits Times newspaper reported that Marina Bay Sands may not open fully as scheduled at the end of next year due to construction problems, rising costs and a labour shortage. However, Marina Bay Sands general manager George Tanasijevich told AFP at the time that the project was on target to open as scheduled.

 

[theblackhole]

Re: No indication of default from Las Vegas Sands: DBS Group

go go go...ahgogogo....after all the financial debacles, do we still trust all these so called white horses? think about it. how much more losses are we going to incur...how much and for how long. do you trust the sands castles?

 

[po2wq]

Marina Bay IR : Go or no go? ...

going ... going ... gone! ...

:p

 

[eeoror88]

S$5.2 billion is actually "sup sup water" lah !!

Gahmen no problem take it on lah !!

 

[imperialarms]

great disaster for us, if no ang moh masters come and gamble

 

[angie II]

great disaster for us, if no ang moh masters come and gamble

dey need cash loaded suckers...

 

[Hope]

Poor Sheldon net worth in Sands is now a little US$ 600 million(fr US$30 billion),and unknown liabilities,do you need to be an accountant to know that he is disqualified fr the billionair club-at least for the next 2 years liao!

 

[ChaoPappyPoodle]

They have no choice but to go with it. Same like what North Korea will do. Even if no money must show the people and wayang that they are the best and can solve all the problems. IF they don't go with it then people will think they got no money. But they wil bankrupt the people to show their wayang. Same like North Korea.

PAP BOLEH!

 

[lonari]

shitty times say go leh

 

[eeoror88]

All the way go lah !!

gahmen don't dare, I takeover lah !! sure win in long run one !!