Sands Corp. Issues Warning to Investors
Owner of The Palazzo -- Las Vegas Sands Corp. -- sees troubled times ahead.
Las Vegas Sands Corp. — owner of The Venetian and The Palazzo casino resorts on the Strip in Las Vegas, plus the Macau Venetian, Sands and Four Seasons — said in a regulatory filing today that it probably won’t meet the requirements of loans arranged by Citigroup Inc., Goldman Sachs Group Inc. and Lehman Brothers Holdings Inc. unless it cuts spending on developments, boosts earnings at its Las Vegas Strip casinos and raises more capital.
An earnings boost in Las Vegas seems remote considering that Las Vegas Strip casino gambling revenue slid 6.7 percent this year through August and remains on track for its biggest annual decline ever.
Casino owner Sheldon Adelson today saw his stock (LVS) price fall today by $3.81, or 33 percent, to $7.85 in the New York Stock Exchange composite. In contrast, the stock had seen a 52-week high of $122.96.
Currently, both The Palazzo and The Venetian are offering their “Ultimate Escape Packages” with rates as low as $119 per night weekdays PLUS $50 in slot credits per stay for reservations made by November 30.
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Tags: $119 rooms, investor warning, Las Vegas, Palazzo, room deals, Sands, Sands Corp, stock price, The Strip, Ultimate escape package, Vegas, Venetian
