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***GambLux EDITOR NEWS*** |
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Sands Corp Determined to Finish Singapore Project
[Sunday, November 16, 2008]
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Las Vegas Sands Corp has experienced a series of punches for the past few months. The casino resort company has seen their stocks nose-dive, forcing their expansion plans in Macau to a halt.
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The company has put an emphasis on accomplish the project that they started in Singapore during these hard times. According to Trade Minister S. Iswaran, in case that Sands should fall short of financing for the 2.7 billion USD project, Sands will not receive a bailout from the government of Singapore. While the company is still determined to continuing the Singapore project, a lot of people are wondering if the project will be finished.
The company's shares plummeted to 5.34 USD last Tuesday, a decrease of almost 33 percent. Sands Corp announced that they have priced a public offering of 181.8 million common shares at 5.50 USD a share. To give some stability to the company, Sands Corp is trying to raise a capital of 2.14 billion USD.
Analyst Gregory Stercker said that Sands is in critical need of fiscal aid. The critical move by the company is crucial and will determine whether or not the company actually goes under or whether it can remain as a going concern. Sands Corp has already stopped some of their projects and if they cannot raise funds, the Singapore project will never be finished which could signal that the company is near bankruptcy.
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