Las Vegas Sands (LVS) Selling Macau Assets For $12 Billion
Casino operator Las Vegas Sands Corp (LVS: 47.15 -2.72%) will look to the planned sale of retail outlets and apartments to recoup construction cost on its Macau properties.
CEO Sheldon Adelson said in December that the sale of the Four Seasons apartments, shopping areas in the Venetian Macau and condominiums at the St. Regis would raise enough money to pay Sands debt.
The last available data on the gaming company’s’ debt showed an outstanding amount of $12.2 billion of bonds and loans due next year through 2015.
“That is our fundamental business model — we get our money back from the sale of non-core business assets,” Adelson said in an interview in Singapore yesterday.
With construction resuming now on the St. Regis hotel and condominium tower, Adelson said the sale of such assets will begin within the next 2 ½ years.
Join the forum discussion of this news story - (1) PostsRelated posts:
