Las Vegas Sands announce new credit line for the Venetian
Casino operator invests US$1.01 billion in Venetian project
Wednesday 25th August 2004
Land based casinos owner Las Vegas Sands Inc, has announced that it is taking out US$1.01 billion in credit, for use by its Venetian Casino. The source of the loan has not been announced, but the company has made it known what the money will be used for. US$290 million will be used to pay off existing loans, with the remainder being put towards construction, and the costs related to the resort’s Palazzo casino project, prior to the opening.
Goldman Sachs Group Inc put the US$975 million loan it had provided to the Venetian for sale last month. Financiers who knew of the process revealed last month this move was to capitalise on the demand for floating rate assets.
Las Vegas Sands is in a period of great activity, with these development plans for the Venetian in place. Earlier this month it reported record second quarter financial results, and recently expressed an interest in a possible venue in Singapore, should that country go ahead with mooted plans to develop a casino. The Macau based venue is proving very successful for the company, who obviously wish to continue to expand in the growing Asian market.
