Las Vegas Sands Gambling On Asia IPO To Raise $3.83 Billion

The past couple of years have not been particularly good to US-based casino gaming companies. Las Vegas Sands is hoping to help bail themselves out with an initial public offering in Asia.

The company is hoping to follow in the footsteps of Wynn Resorts, who has raised $1.6 billion in October with their IPO in Asia. Sands, however, believes that their IPO will be much bigger, hoping to raise $3.83 billion.

If they are successful in reaching that figure, it would become the second largest IPO this year in China. The top figure comes from China Minsheng Banking Corp., who is expected to raise somewhere in the vicinity of $4.5 billion.

On November 30th, Sands will have their listing on the Hong Kong Stock Market. Wynn has already been listed in Hong Kong, and their stock started strong before falling off a little in recent weeks.

Sands is going to use the money generated from the IPO to pay down some of their debt. When the recession hit in the US, gaming companies started to scramble to restructure some of their debt. The main source of income for many of these companies comes from the Las Vegas Strip, and revenue has been down on the Strip for many months in a row.

Sands is also in the process of completing some major casino projects throughout the world. The company placed several of the projects on hold when the economy soured, but they have since re-started the projects.

November 9, 2009
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
Submit News!

Woman Accusing Roethlisberger Of Rape Quits Harrah's Casino Job
Wynn Resorts Pulls Out Of Aqueduct Casino Hunt In New York
Singapore National Council On Problem Gambling Steps Up Ads
Lakes Entertainment Strikes Deal For Casino Cut In Ohio
Twin River Going To Twenty-Four Hour Gambling In Rhode Island