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November 20, 2009

$3.3B stock offering to jump-start Macau casinos

  • About $500 million will be used to restart construction of several casinos and hotels that were put on hold due to funding.

    • HONG KONG (AP) — U.S. casino operator Las Vegas Sands Corp. plans to resume work in January on its multibillion-dollar gambling resorts in Macau after suspending construction last year amid a massive funding crunch, the company said.

    Sands is seeking to raise more than $3.3 billion from an initial public offering of shares in its casino businesses in the southern Chinese enclave, the world's largest casino market. The IPO was made available to retail investors Monday after attracting what executives said was strong demand from institutional investors last week.


     
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