Las Vegas Sands

[Tedlark]

The Wall Street Journal had 2 articles in today's edition regarding the fiscal health of the Sands. Not too hopeful.
 
 

[Tedlark]

Shares of Las Vegas Sands were trounced Thursday after the company evoked that dreaded phrase "going concern" in a regulatory filing. As in, it believes it will be in violation of certain debt covenants, which "raises substantial doubt about the company's ability to continue as a going concern."
The casino operator didn't exactly say just how far out of compliance its Las Vegas operations will be -- just that it will exceed its "maximum leverage ratio covenant for the quarter ending December 31, 2008 and at subsequent quarterly measurement dates."
 
Ailing casino giant Las Vegas Sands Corp. warned it could violate debt covenants and its ability to continue in business is in "substantial doubt" if it doesn't succeed in raising new capital to ease mounting financial pressure.
Sands is evaluating the future of its global development projects, according to a filing Thursday with the U.S. Securities and Exchange Commission. It has massive development projects under way in Singapore, Pennsylvania, Las Vegas and Macau, China's gambling enclave.

[royal flush]

i feel they will raise capital from the chinese govt or middle east oil revenue

[vidopoker]

there was also an article in the la times with a picture of mr. adelson. apparently he is no longer USA's #3 richest.

[Tedlark]

I have the complete articles from the Wall Street Journal scanned and tried to fit them in here but I couldn't. If anyone wants to see them just send me a private message and I'll be happy to forward them to you. Thanks,  Ted.

[oej719]

Maybe Papa Bush and Uncle Benny will see fit to bailout them out with a casino rescue plan. I'm taking odds on a bailout.

[scorpio2]

i don't think the american people losing mortgages,homes,etc.would like bailing out casinos.
Fa La La La La.... La la la la just left venetian casino lv,and he said they are laying off,and bankruptcy could be in their future.

[oej719]

He should know about bankruptcy he stiffed his creditors to the tune of 250k and brags about it. But of course it was not his fault.

[EDC1977]

Fa La La La La.... La la la la just left venetian casino lv,and he said they are laying off,and bankruptcy could be in their future. Venetian and Pallazzo properties are under close scrutiny both by investors and the SEC. Mounting losses may cost them big time. Perhaps something less opulent might have been a better investment.

[vidopoker]

well, as long as they stay open until next Friday when i get my free room, that's fine!