Las Vegas Sands Could Borrow $7 Billion To Expand Macau Casinos
The Las Vegas Sands Corp. is the largest casino company in the world. Even the biggest sometimes need some help. The company could be borrowing $7 billion to expand in the new gambling capital of the world, Macau.
The company has not confirmed the loan as of yet, but sources say that the deal will happen. The Sands Corp. will be looking to refinance debt and expand in Macau with the money from the loan.
Las Vegas Sands is in the middle of massive expansion. They are currently expanding in Singapore, Pennsylvania, and Macau. The Macau project could be the most lucrative for the company.
Macau has become the center of the casino gambling world over the past several years. Many of Las Vegas' biggest casino operators have moved casinos into the area, and many others are beginning to do so.
The Sands Corp. will be using money from the loan to complete a 20,000 room complex of hotels and casinos in Macau. Already MGM Mirage and Wynn Resorts Ltd. have made their move into the Asian market.
"Demand for gaming in Macau is still growing fairly well, but supply is an issue. The growth of supply is just outrageous. This, together with rising labor costs and inflation, will put further pressure on every casino operator in the next couple of years," said analyst Gabriel Chan from Credit Suisse Group based in Hong Kong.
July 2, 2008
Posted By Susan Torres
Staff Editor, CasinoGamblingWeb.com
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