Multi-use integrated resorts developer Las Vegas Sands Corp. (LVS) announced Monday that it raised about US$5 billion of combined debt and equity financing from its recent fund-raising activities, which include the initial public offering of Sands China Ltd.
The company's Macau unit was listed on the Stock Exchange of Hong Kong following an IPO last Monday that raised an aggregate of US$3.1 billion, including US$2.5 billion from the sale of shares and US$600 million from a pre-IPO exchangeable bond financing transaction completed in September. The listing represented the sale of about 30% of Sands China's Macau operations.
On November 27, Las Vegas Sands revealed that US$1.75 billion secured in project financing and US$500 million from IPO proceeds will be used to develop a 13.3 million square foot complex, comprising of three hotels on the Cotai Strip.
Sheldon Adelson, chief executive officer of Las Vegas Sands expects the completion of the offering could further generate US$250 million in proceeds if 10% over-allotment of shares are exercised by the underwriters.
Adelson added, "Our ability to add more properties to the Cotai Strip will enhance visitation from all parts of the Asia-Pacific region and significantly increase the overall length-of-stay in Macau. The increased number of hotel rooms, from prominent hotel brands Shangri-La, Traders, Sheraton and St. Regis, will provide a greater variety of product and price options for consumers and give us additional capacity to further grow our meeting and convention business, among others."
The company noted that the phase one, featuring 3,700 hotel rooms and suites from the Shangri-La, Traders and Sheraton hotel brands, and other amenities would open in June 2011. Las Vegas Sands expects phase two, consisting of a 2,300-room Sheraton hotel tower, and other non-gaming facilities, to open in December 2011.
LVS closed Friday's regular trading hours at $15.79 on the NYSE.
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