Sands Secures Additional Funding Needed For Macau
Sands China, a subsidiary of Las Vegas Sands Corp (LVS: 15.54 0.00%) announced on Friday that they have secured an additional $1.75 billion to help fund the development of the revived Cotai Strip project in Macau.
The gaming company said the financing will be added to the $300 million of commitments already secured from commercial banks and financial institutions earlier this month. The casino operator also expects to earn proceeds of $500 million when they list their Macau assets on the Hong Kong Stock Exchange, starting Monday.
CEO Sheldon Adelson commented in Friday’s Press release, “The investment community believes, as we always have, that Macau’s future as a true leisure and business destination lies in the development of the Cotai Strip and its ability to offer a critical mass of hotel rooms, restaurants, retail, entertainment, and convention and exhibition facilities.”
The combined funding will be used to complete the first two phases of the integrated resort complex featuring the Shangri-La, Traders and Sheraton hotel brands.
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