Las Vegas Sands (LVS) to Restart Macau Casino Projects
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Las Vegas Sands (NYSE: LVS) restarts construction on two sites that were previously stalled, a Wall Street Journal article reported today. The halt was a result of financing problems, which laid-off about 11,000 workers.
The new building, having about 13.3 million square feet of net developable area, would be a bigger building than their Venetian Macau. The Venetian Macau was the largest building in Asia when it opened in 2007.
Las Vegas Sands says that it needs about $2 billion to finish the project, and announced that it secured about $1.45 billion in financing from banks to-date.
The project will allow for the hiring of 12,000 - 13,000 workers over the next 12 - 18 months. Other construction on the site will be demand-based, a source reported.
LVS also plans on raising about $3.83 billion from an IPO, of which is plans to use $500 million for the Macao project, and the rest would be used to pay off debt and intercorporate loans.
The company also is constructing a $5 billion resort in Singapore, which is scheduled to open in 2010.
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