Report: Sands working on Macau stock offering

By Sun Staff (contact)

Friday, May 15, 2009 | 7:56 a.m.

Las Vegas Sands Corp. is working on a possible initial public stock offering of its Macau assets after a failed attempt to sell some of its casinos and hotels there last month, the Wall Street Journal reported today.

The Journal quoted a person familiar with the matter and said the company, controlled by founder Sheldon Adelson, declined comment on the possibility of a stock offering.

Struggling during the recession under the weight of its debt obligations and amid Chinese restrictions on travel, the company, which operates the Sands and Venetian resort casinos in Macau, has already halted construction on some of its remaining Macau projects.

The person familiar with the matter told the Journal that Sands has hired Goldman Sachs Group Inc. to manage the sale. While the potential deal is still at an early stage, a listing of the Macau assets would likely take place in Hong Kong, the Journal said.

Last month, Sands decided not to proceed with a sale of its casinos and hotels in Macau to investors, because bids weren't high enough, person told the Journal.