Adelson Seeking Financing To Finish Macau Casino Project

Sheldon Adelson is much like the rest of the casino moguls these days. His Las Vegas Sands Corp. is experiencing dropping stocks and declining revenue at their Las Vegas casinos.

There have been reports that the Sands casino expansion project in Macau has been stalled due to the current state of the credit market. Adelson, however, is disputing those claims.

Adelson is currently seeking the final $2 billion in financing that is necessary for the completion of a project that would change the face of casino gambling in Macau. The area has already become the gambling capital of the world, surpassing Las Vegas.

To find the financing, Adelson is turning to debt financing from Asian banks. "we hope to find a more receptive air over there than in the U.S.," said Adelson. The Asian banks are in a better financial situation to help Adelson than banks in America are.

The project is to include some of the biggest names in the hotel industry. Hilton, Sheraton, and St. Regis are just a few of the hotels that will be included in the project. It will also have retail malls for shoppers. The project is expected to be finished in 2011.

The Las Vegas Sands Corp, which is majority owned by Adelson, is moving away from Las Vegas and turning their attention to Macau. With Las Vegas struggling in the current American economy, Macau is becoming the new target for many casino developers.

October 25, 2008
Posted By Larry Rutherford
Staff Editor, CasinoGamblingWeb.com
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