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Posted At : October 2, 2008 04:39 PM | Posted By : D McKee
Related Categories:
Macau,Sheldon Adelson,Wall Street
They're living from crisis to crisis at Las Vegas Sands these days. No sooner has Sheldon Adelson scrounged up $475 million from under the sofa cushions to keep the company's debt-to-cash flow ratio in balance, then comes the news of yet another visa restriction in Macao.
You've gotta hand to the Chinese government: When it comes to throttling a golden egg-laying goose with micromanagement, nobody does it like the boys in Peking. What a way to reward companies like Sands for plowing megabillions' worth of investment into the Land of Mao. Even so, I fully expect Sands prexy William Weidner to announce that more travel restrictions are no big deal -- his company is focused on the all-important Auckland and Islamabad feeder markets.
As regards the Adelson loan to LVS, here's a good explanation of its importance. With $17 billion in ongoing development -- two-thirds of which is tied up in the Cotai Strip™, Sands is really putting it out there in terms of risk, which takes a lot of guts. One of the reasons for seeking $5.3 billion in extra financing (which is still being negotiated) was to pay down some of the existing debt and, presumably, avoid forcing Adelson to break open his piggy bank.
How lucky for the company that he had that kind of money lying around. He might need to pony up another $1.4 billion over the next 15 months. But hey, he's the world's 15th-richest man. He's good for it.
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