Las Vegas Sands Preparing For Asia IPO, Macau Project Restart

The rest of this year and early next year will be a big time for Las Vegas Sands. The company is seeking to raise over $3 billion this week in an Asia initial public offering, and they also have announced plans to restart a casino project in Macau.

Sands is looking to raise upwards of $3.3 billion when the IPO takes place this week. They are following a similar route that Wynn Resorts took last month. The Wynn IPO raised over $1.6 billion.

Macau has become the top casino gaming destination in the world. Sands had started their new project in Macau, but had to stop construction when the credit crunch hit. Now, with the IPO, the company will again be free to start their project.

"We expect that Macau will evolve into the same type of business model that the integrated resorts on the Las Vegas Strip have evolved into," said Sands Chairman Sheldon Adelson, in a video conference with Hong Kong reporters.

The company is expecting to have the first phase of the project complete by the summer of 2011. The first phase will include a casino, and two hotel towers. Sands will then focus on expanding by more hotels and casinos in the future.

Sands stock has done particularly well in the past couple of months in the US market. After watching their stock plummet during the market collapse, it has slowly started to regain prominence lately.

November 15, 2009
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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