Las Vegas Sands Plans Hong Kong IPO - TheStreet

Las Vegas Sands Plans Hong Kong IPO

The casino operator plans to apply in Hong Kong in early August for an initial public offering of shares in its Macau casinos, a report says.
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Casino operator

Las Vegas Sands

(LVS) - Get Report

plans to apply in Hong Kong early next month for an initial public offering of shares in its Macau casinos,

Bloomberg

reports, citing a person with knowledge of the matter.

The company also seeks amendments to its bank borrowings in Macau, including covenant relief and permission to sell as much as $1.5 billion in new debt, the news agency reports.

It was reported earlier this month that Las Vegas Sands was hoping to raise $3 billion to $4 billion through various fundraising options, including a possible initial public offering of its Macau assets in Hong Kong.

Chairman Sheldon Adelson told

Reuters

in early July that the planned sale of the company's Macau retail operations had been put on hold because of uncertain market conditions.

In a

Bloomberg

report earlier this month Las Vegas Sands said it would decide in July whether to sell shares in Hong Kong. Chief Operating Officer Michael Leven said at the time it "will have to be $2 billion, $2 billion plus area to make it work for us."

The company is seeking funds to restart work on its $12 billion casino and hotel complex in Macau. Construction stopped last year as credit markets froze,

Bloomberg

notes.