Las Vegas Sands Faces Convention Declines
Las Vegas Sands Corporation (LVS: 19.50 +1.14%), the giant casino operator built by Sheldon Adelson by emphasizing the use of conventions to fill his Venetian Hotel and Casino Resort, now must deal with declining attendance at big conventions as the recession affects another sector of the economy.
The 2009 version of the Consumer Electronics Show, one of the largest trade gatherings in the US, saw attendance of about 110,000, a drop of more than 30,000 visitors.
The twenty percent decline is seen as due to economic pressures on businesses around the country to cut costs and spending. While CES organizers spun the news as not affecting deals reached at the show, and attendees said the smaller crowds made networking easier, Las Vegas Sands lives for the glut of people brought to town by the gatherings.
Las Vegas Sands is fighting to retain enough liquidity to honor upcoming credit covenants concerning debt-to-cash-ratios.
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