Las Vegas Sands

[FourSeasons]

Originally Posted by Gwo Loo Waan

Why am I not surprised?

Of course, you are not surprised, after all, you have gone through the trauma that Mr Stanley Ho being sued by his own personal sister, whose lawyer working in the case got assaulted by thugs in Hong Kong. In contrast, this is just such a small "soap opera" in comparison!!!

[FourSeasons]

By Beth Jinks
March 10 (Bloomberg) -- Las Vegas Sands Corp.’s founder and
Chief Executive Officer Sheldon Adelson said the departure of
William Weidner after 13 years as operating chief is no loss for
the casino company.
“Just the opposite,” Adelson, who is also majority owner
and chairman, said today in an interview in New York. “I got a
call from one of our people in a remote location who said, ‘I’m
very glad that there’s one person steering the ship.’ That tells
the whole story. I’ve always been in charge -- theoretically.”
Weidner yesterday said he quit as chief operating officer
and president March 8 after conflicts with the chairman. Adelson
said today two board members informed Weidner on March 4 that he
would no longer be with the company. Adelson said the conflicts
concerned a “potpourri of issues.”
Weidner and the company were unable to reach an agreement
on terms of his departure, and he tendered his resignation four
days later, according to today’s filing. Michael Leven, who has
been on the board since 2004, will replace Weidner.
“We helped him resign a little bit,” Adelson said today at
a Deutsche Bank AG conference in New York.
Las Vegas Sands rose 16 cents, or 11 percent, to $1.58 at
11:25 a.m. in New York Stock Exchange composite trading. The
shares plunged 76 percent this year before today.
The company said in November that it had set up a board
committee to address “outstanding differences between our chief
executive officer and other senior management members,” and
that the board was addressing a “loss of confidence by certain
senior management members in the management of the company.”

‘Junkyard Dogfight’

“You can think of it as a junkyard dogfight,” Weidner said
on Nov. 17 when asked about the disagreements.
Las Vegas Sands raised $2.14 billion in November, partly
from billionaire Adelson, 75, and his family. It suspended
construction on projects in Macau, China, Las Vegas and
Pennsylvania to conserve cash so company could finish a casino
in Bethlehem, Pennsylvania, and a Singapore resort, the first of
two being built in the Asian city-state.
“He’s the CEO, he’s the majority owner, and just recently
he’s insisted on having more control over the day-to-day
operations,” Weidner, 63, said yesterday. “I figured it was time
for me to then move on.”
The decision to inject more capital was “a matter of
robust debate within the organization,” Weidner said in
November. The company, its shareholders and board took too long
to decide, he said, calling that “a monumental screw-up.”
“It’s fair to say, in difficult times, differences of
opinion become magnified,” Weidner said yesterday.
Gambling revenue on the Las Vegas Strip, where Sands owns
the Venetian and Palazzo casinos, fell the most on record last
year. China’s government has imposed limits on visits to Macau,
the only place in the country where casino gambling is legal.
Las Vegas Sands already has opened the Venetian Macao, Sands
Macao and Four Seasons Hotel Macao.

[FourSeasons]

By Frank Longid

March 12 (Bloomberg) -- Las Vegas Sands Corp. denied a Hong Kong newspaper report that it may sell its gambling license in Macau.

“We worked very hard to earn the concession and we have no intention of selling the license,” Las Vegas Sands spokesman Ron Reese said in a phone interview today. Ming Pao Daily, a Chinese-language newspaper, cited two unidentified people as saying there are rumors that a Chinese tycoon is interested in taking over Las Vegas Sands’ operations in Macau, including its gambling license.

To contact the reporter on this story: Frank Longid in Hong Kong at flongid@bloomberg.net
Last Updated: March 11, 2009 20:53 EDT

[Gwo Loo Waan]

What a shame! Las Vegas Sands would make good money selling the license to someone else. They need money!

[MacauVillager28]

Interesting to note that Telstra (Australia's main telco) is managing to get A$300m from Bank of China (HK) and MUFJ.... to diversify funding as Asian banks have lost least (Bloomberg).
Maybe Australia on good terms given Kevin Rudd speaks Mandarin....

Wonder why LVS hasn't done it yet ??? Or maybe later ??

Adelson did make a mistake earlier, partly blaming mainland for restricting visitors, and then trying to get loan from Chinese Banks (I think I did mention somewhere he was playing a dangerous game).
Also, of course, mainland banks may just be careful, given this financing for LVS much more and worse credit quality than Telstra.

Maybe Adelson also needs to learn mandarin

[FourSeasons]

Originally Posted by MacauVillager28

Interesting to note that Telstra (Australia's main telco) is managing to get A$300m from Bank of China (HK) and MUFJ....

Chinese banks may also extend loans to Rio Tinto if the Chalco deal gets approved.

Originally Posted by MacauVillager28

Wonder why LVS hasn't done it yet ??? Or maybe later ??

Adelson did make a mistake earlier, partly blaming mainland for restricting visitors, and then trying to get loan from Chinese Banks (I think I did mention somewhere he was playing a dangerous game).
Also, of course, mainland banks may just be careful, given this financing for LVS much more and worse credit quality than Telstra.

Maybe Adelson also needs to learn mandarin

Too late to learn Mandarin but perhaps still enough time to be more diplomatic towards Mainland government. I know t he ex COO complained publicly about Mainland's policy, perhaps that is why he was forced out of Sands. There are rumors Adelson is negotiating with Chinese consortium about selling some assets or equity injection. Don't be surprised if Chinese money is injected to Macau operation which then go for an IPO in Hong Kong market...

[MacauVillager28]

Wasn't Steve Wynn learning mandarin a while back ???

He's kept much lower profile (re China), not rocking the boat as much. Guess he's 'less' arrogant American, so acceptable ?? (Presuming there's such a thing as a unarrogant American billionaire). Not as much fuss about Wynn than LVS (meaning Adelson ?).

Or maybe Wynn just more cautious operator ?

Chalco or whoever will easily get loans for sure. It seems it is China's policy (very expensive so far) not to be caught short on resources again. Now prices are lower, can expect more resources, energy etc acquisitions. These I think seen as strategic and in national interests.
Both SG and China overseas acquisitions previously been bad acquisitions (esp in finance).
However, casinos not in national interest, but can imagine some others willing to pick up cheapish assets in Macau, and maybe dilute LVS influence in Macau.
So far locals in Macau not rioting, partly as unemployment remains low as foreign labourers laid off. Maybe this the reason for lack of action on Beijing policy (both on visas and financing). Also, big problem for casinos not really overall tourist numbers which are OK, but VIPs hit by downturn spending less.

[FourSeasons]

Originally Posted by MacauVillager28

Or maybe Wynn just more cautious operator ?

Steve Wynn is definitely more catious and conservative. Just compare his investment vs Venetian. He did not step into new businesses such as convention, entertainment shows. His retail and F&B are so much smaller too. He goes for the sure thing. Adelson is more a visionary guy.

Originally Posted by MacauVillager28

It seems it is China's policy (very expensive so far) not to be caught short on resources again. Now prices are lower, can expect more resources, energy etc acquisitions. These I think seen as strategic and in national interests.
Both SG and China overseas acquisitions previously been bad acquisitions (esp in finance).

China is short of resources so that is a target to secure its supply.
Because past investments have been so bad, that is why they just focus on resources, something that they can easily understand. Moreover, they have the management and engineers to manage such companies, unlike those financials that they easily get cheated to buy at over valued prices.

Originally Posted by MacauVillager28

However, casinos not in national interest, but can imagine some others willing to pick up cheapish assets in Macau, and maybe dilute LVS influence in Macau.

Not just "not in national interest", but it is a sin industry that most governments will not touch for moral issue. So I seriously doubt if China government will take a stake. Most likely it will be through a private consortium.

Originally Posted by MacauVillager28

So far locals in Macau not rioting, partly as unemployment remains low as foreign labourers laid off. Maybe this the reason for lack of action on Beijing policy (both on visas and financing). Also, big problem for casinos not really overall tourist numbers which are OK, but VIPs hit by downturn spending less.

It would be stupid for locals to riot. What can they do? This is beyond what the Macau government can control anymore. It is the global macro issue. THe downturn of VIP is closely related to the collapse of export industry in Guangdong province and the tightening credit imposed by the junkets. It is not local issues at all.

[MacauVillager28]

Originally Posted by FourSeasons

It would be stupid for locals to riot. What can they do? This is beyond what the Macau government can control anymore. It is the global macro issue. THe downturn of VIP is closely related to the collapse of export industry in Guangdong province and the tightening credit imposed by the junkets. It is not local issues at all.

HK unemployment today at 5%, up from 4.6% previous month. Rising fairly quickly. But Macau seems more stable. Guess all casinos etc, including Mr Adelson, trying not to antagonise the small pool of local workers (meaning not to offend people, since if things OK need to employ them), so keep local unemployment low.
Maybe hence no riots this year.

Unemployment likely to remain stable through 2009: labour chief
Tuesday, 17 March 2009
The unemployment rate in Macau will remain stable at four percent until the end of the year, the director of the Labour Affairs Bureau, Shuen Ka Hung predicted yesterday during a certificate award ceremony.
Currently, 3.4 percent of Macau residents are unemployed, but that number is unlikely to change until the end of 2009, the director said.
Shuen stressed that government policies regarding restrictions on the import of non-resident workers safeguarded the jobs of local workers.
He also mentioned the importance of “knowledge-recycling” for unskilled workers and ensured that the government will provide a series of training courses for unemployed residents in the near future, such as languages and computer skills.

[HereAndThere]

Adelson, Ho, Packard, Lui, Wynn - it does not matter - when the chips are down - it's not easy to work for an entrepreneur

http://biz.yahoo.com/ap/090317/las_v...over.html?.v=1


NEW YORK (AP) -- Recent departures at Las Vegas Sands Corp. should not rattle investors, an analyst said Tuesday, as it has put the casino operator's board more in step with Chief Executive Sheldon Adelson.

"Differences in opinion between Adelson and other members of the board have long been documented, but it appears that only one 'independent' board member remains. As we have argued, a united front will be crucial for Las Vegas Sands to get through its financial malaise, so we view this as a net positive," the analyst wrote in a client note.

The casino operator had $10.47 billion of outstanding debt at the end of last year, but has said that it has no plans of hiring a restructuring firm to help deal with the situation.

[Gwo Loo Waan]

Originally Posted by HereAndThere

Adelson, Ho, Packard, Lui, Wynn - it does not matter - when the chips are down - it's not easy to work for an entrepreneur.

Even worst when they are too greedy...

[HereAndThere]

As anticipated another resignation at LVS.
Also discussion to buy back loans.
No word on sale of the retail mall and serviced apartments.

http://www.reuters.com/article/marke...0090325?rpc=44

SAN FRANCISCO, March 24 (Reuters) - Las Vegas Sands Corp's (LVS.N) EVP and construction chief Brad Stone resigns construction chief has resigned for personal reasons, the company said, the latest senior executive to leave as the company struggles with dwindling gaming and mounting debt obligations.

Sands also said on Tuesday it was in talks with Goldman Sachs (GS.N), Citigroup (C.N) and Lehman Brothers Inc (LEHMQ.PK) to amend an existing credit agreement with lenders, so that the Sands could buy back up to $800 million in outstanding term loans.

[Gwo Loo Waan]

They are struggle. Are they going to break?

[macau-invest]

Sands looks to resume Macau construction this year
Las Vegas Sands looks to resume work on stalled Macau resorts this year, exec says
Thursday April 2, 2009, 5:58 am EDT
Buzz up! Print Related:Las Vegas Sands Corp.
HONG KONG (AP) -- Struggling casino giant Las Vegas Sands Corp. hopes to resume construction on its stalled multibillion-dollar mega resorts in the Chinese gambling city of Macau later this year, a top executive said Thursday.

Related Quotes
Symbol Price Change
LVS 3.74 0.00


{"s" : "lvs","k" : "c10,l10,p20,t10","o" : "","j" : ""} The company was in early discussions about financing the rest of its work on the projects along Macau's Cotai Strip, said Stephen Weaver, president of Sands' operations in Asia. He didn't identify the potential lenders.

"We're certainly looking to resume in this calendar year," Weaver told reporters in Hong Kong. "Our imperative is to get the construction workers back to work as quickly as we can."

A massive cash crunch forced Sands to halt construction on the projects in November and lay off as many as 11,000 workers, many employed by contractors and subcontractors.

The Macau sites, including hotel towers and three casinos, could cost another $2 billion, the company has estimated.

The Marina Bay Sands in Singapore is among the few sites that Sands has continued work on since the credit crisis and falling revenues in Las Vegas threw its financing into turmoil.

The $5.4 billion project is set to open in staggered phases around the end of the year, fully opening sometime next year, Sands executives say.

EmailIM Bookmarkdel.icio.usDigg Buzz up!

[FourSeasons]

SHOW ME THE MONEY!!!

[FourSeasons]

By Carmen Ng

April 2 (Bloomberg) -- Las Vegas Sands Corp., controlled by billionaire Sheldon Adelson, said it may resume building in Macau this calendar year on optimism casino revenue is picking up. The shares gained 18 percent.

“We have to get construction back to work as quickly as possible,” Stephen Weaver, Asian regional president, told reporters at a briefing in Hong Kong today. Hong Kong, Macau and Singapore are still “very privileged” locations for the resort business in the long term, he added.

Las Vegas Sands, which lost 94 percent of its market value last year as gamblers stayed away from casinos in Las Vegas and Macau, suspended construction in both cities in November to finance the Singapore resort and a casino in Bethlehem, Pennsylvania. Government officials from Guangdong, Macau and Hong Kong met in February to discuss easing visa controls after China restricted travel by its residents to Macau early last year to curb gambling.

Las Vegas Sands rose 66 cents to $4.40 in New York Stock Exchange composite trading. The shares advanced 24 percent yesterday.

Macau’s gross casino revenue dropped 6 percent last month to 9.5 billion patacas ($1.2 billion) from a year earlier, the Portuguese news agency Lusa reported. That compared with a 15.5 percent decline in February and a 17 percent fall in January.

Las Vegas Sands is on schedule to open its Singapore casino at the end of 2009 in a “fully funded” position, Weaver said. Rental prices at the retail component of Marina Bay Sands, the Singapore resort now under construction, have been “pulled down to adjust to the market,” he said.

Singapore is counting on the Sands resort and a competing project by Genting International Plc to help the city-state achieve a goal of luring 17 million visitors and tripling annual tourism revenue to S$30 billion ($20 billion) by 2015.

To contact the reporter on this story: Carmen Ng in Hong Kong at cng98@bloomberg.net.

[Gwo Loo Waan]

Just bullshit to feed the press and the shareholders.

[HereAndThere]

Mark Brown, president of the Venetian Macau Resort Hotel and Paiza Asia, “is no longer with the company”, a spokesperson for the company told MDTimes yesterday.
According to MDTimes’ understanding, Mark A. Brown, president of the Venetian Macau Resort of Las Vegas Sands Corp. since September 2006 was dismissed. “The replacement [for Mark Brown] will be appointed later. In the interim, Len DeAngelo, senior vice-president of Asia operations, will be acting as the president of The Venetian Macau Resort Hotel. This change does not impact our Macau operations. We remain fully committed to our
business strategy in Macau”, added the company’s spokesperson. Brown is the third high-level officer to leave the company, following Las Vegas Sands president William Weidner and Brad Stone....

http://www.macaudailytimesnews.com/i...tion%20659.pdf

[FourSeasons]

HONG KONG (MarketWatch) -- Las Vegas Sands Corp. is considering the sale of some of its Macau casino operations under a lease-back arrangement potentially worth $1.3 billion, according to a report Monday in the South China Morning Post citing unidentified sources.
The newspaper said the casino operator was considering the sale and lease-back of its signature gambling facility on the main Macau peninsula, a 229,000 square meter casino that was completed in 2004 and marked the arrival of the Las Vegas Sands group as the first foreign-owned casino to open after the industry was restructured to welcome more operators.
Under the deal, Las Vegas Sands would sell the building but continue to run the casino under its gambling license and pay its new landlord rent based on the how the casino performs, the report said.
Discussions with potential buyers began last week, the report said.
Las Vegas Sands is also reportedly attempting to sell some of its shopping malls in Macau, but so far those efforts have not been successful.
Chris Oliver is MarketWatch's Asia bureau chief, based in Hong Kong.

[Gwo Loo Waan]

...Mr Adelson is loosing groud... I would be pleased to see Mr Stanley Ho as new landlord of that horrible building...