Las Vegas Sands CEO Adelson heads to Asia for financing as sector aces credit concerns

Business Materials 23 October 2008 03:59 (UTC +04:00)

Casino mogul Sheldon Adelson says he is seeking to raise $2 billion in debt financing from Asian banks to complete work on expansion projects planned by Las Vegas Sands Corp. in the Chinese gambling enclave of Macau, the Associated Press reported.

Adelson is, however, disputing reports that that Las Vegas Sands, which operates the Venetian and Palazzo resorts in Las Vegas and the Sands Macao and the Venetian Macao in

China, either had abandoned plans to secure funding or was having trouble getting banks to agree to terms.

The Cotai Strip project in Macau, due to be completed in 2011, is to include retail malls plus hotels operated by some of the biggest names in hospitality.

Adelson says he can put on hold the refinancing of $3.3 billion in debt that comes due in 2011 to 2013.