(RTTNews) - Casino operator Las Vegas Sands Corp. (LVS: News ) said in a regulatory filing that its indirect subsidiary Sands China Ltd. priced its 1.87 billion shares at HK$10.38, or about US$1.341 per share. Sands China will receive about HK$12.576 billion, or about US$1.623 billion in net proceeds from the sale of 1.27 billion new shares. Venetian Venture Development Intermediate II, a wholly-owned indirect subsidiary of the company, will receive net proceeds of about HK$5,994.5 million, or about US$773.5 million from the sale of 600 million secondary shares.

Sands China Ltd., through its operating subsidiaries, is a developer, owner and operator of integrated resorts and casinos in Macau.

The offering, priced at the lowest end of the HK$10.38-HK$13.88 range, is expected to close on November 30. The shares will be listed on the Stock Exchange of Hong Kong Limited.

Last week, The Wall Street Journal reported that Las Vegas Sands plans to begin work on two stalled casino resort projects in Macau in January. The gaming company had earlier planned a massive development on Macau's Cotai Strip, but financing woes forced the company to halt work and lay off 11,000 workers. The company estimates that it will need around $2 billion to finish construction of the 20,000 room building, costing $12 billion.
On November 9, the company said it secured a $1.45 billion in financing from banks, and was seeking to raise another $300 million to fund construction at the stalled projects. It was reported then that Sands China is planning to raise as much as $3.83 billion in Hong Kong for its Macau assets, and plans to use around $500 million from the proceeds to repay debt and restart stalled construction projects in Macau.

LVS closed Friday's regular trade at $16.35, down from the previous close of $16.95, on 28.37 million shares.

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by RTT Staff Writer

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