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Posted At : March 24, 2009 04:18 PM | Posted By : D McKee
Related Categories:
Macau,Sheldon Adelson,The Strip,Singapore,Wall Street
"Another mutineer dispatched, Admiral Adelson sailed forth to do battle with the hydrofoil fleet of Stanley Ho."
As the gilded galley that is Las Vegas Sands slowly settled deeper and deeper into an ocean of red ink, Wall Street analysts held out a slim lifeline or two. Surely, they noted, LVS' overseas construction supremo, Brad Stone, and Venetian President Rob Goldstein were still with the ship. And then there was one.
There is also only one way that Stone's March 18 departure (disclosed today) will play on Wall Street. In a word, badly. Perhaps his leap overboard was inevitable, given his long ties to outsted Sands prez William Weidner. Or maybe he didn't cotton to answering to an overcompensated newbie gaming exec (Weidner successor Michael A. Leven, aka The $2 Million Man). Either way, Stone leaves asset sales in Macao hanging fire and Marina Bay Sands in Singapore well short of the finish line.
We are presumably meant to be reassured that Sands is pondering buying back $800 million in debt, bringing its leverage down to a mere $9.7 billion (or slightly less than 14X earnings). This sort of bucket-brigade move still might save the ship but Admiral Adelson's waited until the bilge water was lapping at his ankles.
Hey, Sanford Bernstein! Aren't you glad you rated this stock a "buy"? Construction at a standstill in both Macao and on the Strip ... unimaginable debt-to-earnings ratios ... a $5.4 billion megaresort coming online in an untested market ... what's not to love?
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