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twitterFinancing set for China project
Friday, March 28, 2003 | 9:43 a.m.
A subsidiary of the companies that own the Venetian hotel-casino on the Las Vegas Strip has negotiated a loan agreement with an undisclosed lender to build a casino in the Chinese city of Macau.
Venetian Venture Development Intermediate Ltd., under the laws of the Cayman Islands, has entered a $50 million loan facility, Venetian Casino Resort LLC and Las Vegas Sands Inc. reported Thursday.
The companies said the new loan is guaranteed by Venetian and Las Vegas Sands and supported by a standby letter of credit issued under Venetian's senior secured credit facility. The companies also amended their senior secured credit facility to increase the letter of credit limit from $50 million to $60 million.
The subsidiary will use the proceeds of the loan to invest in Venetian Macau Ltd., which plans to develop a casino project in Macau.
Representatives of the company could not be reached for comment on when construction would begin.
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