Las Vegas Sands Corp. amended a portion of its loan agreement that covers the company's Macau casino operations
The amendment to the company's $3.3 billion Macau credit facility boosted the interest rate, but gives Las Vegas Sands 18 months of covenant relief and the ability to pursue a limited initial public offering on the Hong Kong Stock Exchange through the sale of shares in the company's Macau casinos.
The news was met positively Thursday on Wall Street. Shares of Las Vegas Sands closed at $13.79 on the New York Stock Exchange, up $1.50, or 12.21 percent.
JPMorgan gaming analyst Joe Greff said the announcement improves the company's liquidity and gives the casino operator increased financial flexibility.
Las Vegas Sands halted construction last November on several projects on the Cotai Strip region of Macau as financing dried up. The company avoided bankruptcy through a $2.1 billion recapitalization, which included $1 billion cash from company Chairman Sheldon Adelson.
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