Friday 7 November 2008
Las Vegas Sands Chief Adelson Said to Hold Talks With Singapore
Sheldon Adelson, the billionaire who controls Las Vegas Sands Corp., held talks with the Singapore government this week as the casino company struggled with a cash shortage that threatens a $4 billion casino development there, a person with knowledge of the meetings said.
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Las Vegas Sands Chief Adelson Said to Hold Talks With Singapore
By Beth Jinks
7 November 2008
(Bloomberg) – Sheldon Adelson, the billionaire who controls Las Vegas Sands Corp., held talks with the Singapore government this week as the casino company struggled with a cash shortage that threatens a $4 billion casino development there, a person with knowledge of the meetings said.
Las Vegas Sands is seeking funding to stave off defaults on loans or face “substantial doubt” about its ability to survive as a going concern, the casino owner said today in a filing. Las Vegas Sands and government officials will publicly pledge to complete the development in Singapore, said the person, who declined to be identified because the information isn’t public.
Las Vegas Sands plunged in New York trading yesterday, posting its biggest drop since going public in 2004 after saying it might default on loans arranged by Citigroup Inc., Goldman Sachs Group Inc. and Lehman Brothers Holdings Inc.
The casino owner, which had $8.8 billion in long-term debt at the end of June, said in a regulatory filing that it probably won’t meet lenders’ requirements unless it cuts spending on developments, boosts earnings at its Las Vegas Strip casinos and raises more capital.
The Las Vegas-based company’s dwindling cash flow might jeopardize $16 billion worth of developments in Macau, China, and Singapore, where Las Vegas Sands is building resorts to cater to wealthy Asian gamblers.
Las Vegas Sands spokesman Ron Reese declined to comment on any negotiations. Singapore government officials didn’t have immediate comment.
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