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Las Vegas Sands Venetian Bankruptcy?

Posted on November 6th, 2008 in Las Vegas,Sands,Sheldon Adelson,Venetian by vegaslate

Las Vegas Sands Venetian Bankruptcy

Las Vegas Sands and Venetian are in Bankruptcy trouble! Las Vegas Sands faces Bankruptcy risks after it defaults today. The Las Vegas Sands stock fell today to their worse levels since going public.

Weeks ago, VEGASLATE reported Las Vegas Sands stocks had fallen 29% on worries about Sands capital under Sheldon Adelson. Adelson’s family has put into Sands reportedly “$475 million … to strengthen its capital this month and help prevent it from tripping a U.S. loan covenant.”

But today Bloomberg is reporting:

“Las Vegas Sands Corp., billionaire Sheldon Adelson’s casino company, fell the most in New York trading since going public after saying it may default on debt and face bankruptcy. The casino owner, which had $8.8 billion in long-term debt at the end of June, said in a regulatory filing today that it probably won’t meet the requirements of loans”

Shares tonight are at $3.81.

But some analysts say the news will get better:

“Sheldon still has considerable resources, and we doubt he will sit on the sidelines and watch LVS go bankrupt,” says Robert LaFleur at Susquehanna Financial Group LLLP “The question is how much dry powder does he have, and what can he do?”

The Sands owns the Venetian and Palazzo in Las Vegas and are building a $12 billion complex in Macau, China, $4 billion Marina Bay Sands in Singapore and $800 million Sands Bethworks in Bethlehem, Pennsylvania.

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