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Las Vegas Sands (LVS) Looking To Borrow $7 Billion in Macau Loans
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Las Vegas Sands Corp (NYSE: LVS) may borrow close to $7 billion to expand and refi debt for its projects in Macau, according to a Bloomberg report.
Las Vegas Sands is paying interest 2.75% points above the LIBOR for the $1.2 billion seven-year portion of the 2006 loans, Bloomberg noted. Citigroup (NYSE: C), Goldman Sachs Group Inc. (NYSE: GS) and Lehman Brothers Holdings Inc. (NYSE: LEH) arranged the loans.
Las Vegas Sands is in talks with lenders for the deal, to help fund new casinos and hotels in Macau. Las Vegas Sands may also try to replace $3.3 billion of loans taken in 2006 to fund its Venetian casino resort in the city.
The loan will help Las Vegas Sands fund $12 billion in spending on a 20,000-room complex of hotels and casinos in Macau, the only region in China where gambling is legal. Macau gaming revenue grew 46% last year to $10.4 billion.
Las Vegas Sands had $11.2 million of losses in the first quarter, after interest expenses more than tripled to
$114.7 million.
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