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Las Vegas Sands signals it may not survive downtur
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knightbridge
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07-Nov-2008 15:25
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Good times to let go some of these banks counter and vested in the project until further development. If another media print what kind of exposure if sands default, and the balance funding needed to complete the project. Will sent fear right into the hearts of investors. In case it create Panic selling. |
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strike1147
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07-Nov-2008 14:22
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i believe if SANDS sank the next Quater, the 3 banks will writedown a huge lump sum |
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knightbridge
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07-Nov-2008 14:16
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Once this started, this will be headline news for Singapore. Someone got to do OT to rescue soon, if not big big problem coming. If Sand bust, a domino effect will hit alot of companies in singapore include asia. Then i cannot stand outside the casino to sell ya-pao, pao-ya |
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Andrew
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07-Nov-2008 14:13
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I think everybody would like to know is if Sands has pay up since the project started ? 100M = Who R who the sucker - All Singaporean and Government 500M = Banks and all pple working on the project are sucker 2000M = Sands R sucker 5200M = Why....I am sorry to heard that you are going under...... The number 5,200,000,000 singa dollar. Wonder how many chicken rice I can buy with that........
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julybabe
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07-Nov-2008 14:12
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oh dear, how would this bad news affecting on Gen Int shares? Tot to invest this counter. | ||||
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stupidfool
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07-Nov-2008 14:04
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On hindsight,the IR project is a curse rather than a blessing. In a recession,how many tourists can the IR draw? |
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knightbridge
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07-Nov-2008 13:55
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This is bad, if Sand file for Chapter 11, this is bad for Singapore Bank and government. Transformer no money to buy!!!!!! Our government pledge to compete, meaning likely will use Taxpayer money to fund the casino project. So fast got 4billion handout to give Wah!! Dunno got anything left to help singaporean in crisses after that since a large portion will be use on Sands. Sob Sob. If i am Sands i will say i no money also lor, got big loan approval without collleteral why dun take. Maybe Singapore Governement should talk to US Government, ask them to help their own company. Storm brewing, avoid buying banks stocks and relate company that heavily vest in the project. Wait until everything clear up, remember china aviation oil rumors in the market circulating for sometime before it go bust. |
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strike1147
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07-Nov-2008 13:30
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The next to fall is construction companies banks will hit if borrow money to SANDS Nov. 7 (Bloomberg) -- Sheldon Adelson, the billionaire who controls Las Vegas Sands Corp., held talks with the Singapore government this week as a cash shortage threatens the company's $4 billion casino development there, a person with knowledge of the meetings said. Las Vegas Sands seeks funding to stave off defaulting on loans while facing ``substantial doubt'' about its ability to survive as a going concern, the casino operator said yesterday. Las Vegas Sands and government officials will publicly pledge to complete the Singapore project, said the person, who declined to be identified because the information isn't public. Yesterday's filing raised concerns that dwindling cash flow may jeopardize $16 billion of casino developments in Macau, China, and Singapore, where Las Vegas Sands seeks to cater to wealthy Asian gamblers. Restrictions on Chinese who want to visit Macau may damp gambling revenue in the city where the company operates Asia's biggest casino resort. ``If they come up with something to help them get through this, the expansion can still be on course,'' said Billy Ng, a Hong Kong-based analyst at JP Morgan & Chase Co. ``They are dealing with a liquidity crunch that nobody could've foreseen.'' Las Vegas Sands's shares plunged the most since going public in 2004 in New York trading yesterday, after saying it might default on loans arranged by Citigroup Inc., Goldman Sachs Group Inc. and Lehman Brothers Holdings Inc. Lenders' Requirements The casino owner, which had $8.8 billion in long-term debt at the end of June, said in a regulatory filing that it probably won't meet lenders' requirements unless it cuts spending on developments, boosts earnings at its Las Vegas Strip casinos and raises more capital. Las Vegas Sands spokesman Ron Reese declined to comment on any negotiations. The Singapore Tourism Board said it had nothing to add beyond a statement on Oct. 29, when it said it was in talks with Las Vegas Sands to ``facilitate the success'' of the Marina Bay Sands project. The casino owner is also building the $800 million Sands Bethworks in Bethlehem, Pennsylvania, and a $600 million condominium complex in Las Vegas. Bethlehem's mayor John B. Callahan said today that Las Vegas Sands suspended work on construction of a hotel, conference center and mall to speed up completion of the casino there. Las Vegas Sands dropped $3.81, or 33 percent, to $7.85 yesterday in New York Stock Exchange composite trading, the biggest decline since its initial share sale in December 2004. The shares have lost 92 percent of their value this year amid concerns that falling casino winnings and the global financial meltdown would leave the company short of cash. Declining Macau Revenue Spending declines on the Vegas Strip and restrictions on visas in Macau have stemmed the flow of cash into Las Vegas Sands. China increased visa restrictions on some mainland residents traveling to Macau, causing casino gambling revenue in the former Portuguese colony to fall 10 percent to 26 billion patacas ($3.26 billion) in the third quarter. Yesterday's admission came after the 75-year-old Adelson, who holds a stake of more than 64 percent, invested an additional $475 million in September to avoid violating the terms of a loan. He hired an unidentified investment bank to raise more capital with his help. The casino owner said it doesn't expect to meet a maximum leverage ratio covenant in the fourth quarter. That would trigger defaults that might force it to suspend development projects and ``raise a substantial doubt about the company's ability to continue as a going concern,'' Las Vegas Sands said in the filing. |
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leechongpeng
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07-Nov-2008 12:45
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I don't think the 38% factor in such bad news.
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nickyng
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07-Nov-2008 12:42
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call bid again? wah the bidding cost will just SPIRAL UP loh? not forgetting piling work and some construction already in place...need to built based on that or remove EVERYTHG and rebuild newer design? :D ...tricky siah :P
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jasonfaxingliu
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07-Nov-2008 12:41
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Remember read some artical somewhere about the bad fong-shui of IR Sand. Our goverment over confident over the IRs and Tourism but when US in recession, China and many (export oriented countries) will suffer slowing down economy. May be a good chance to get into property when it dip further in 2009. |
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AK_Francis
Supreme |
07-Nov-2008 12:30
Yells: "Happy go lucky, cheers." |
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affected bank need to cough out more bad debts to cover the bad loan. Just like DBS, 3 qtr profit dips 38%, bad debt attributed one of reasons for profit dropping.
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leechongpeng
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07-Nov-2008 12:26
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Will our banks' shares drop again?
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kawaiiboi
Member |
07-Nov-2008 12:13
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If LAS VEGAS broke.. the government has the right to retake the the land and call for open bid again!.. Then i think other companies will try to bid again | ||||
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AK_Francis
Supreme |
07-Nov-2008 12:12
Yells: "Happy go lucky, cheers." |
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Ha ha, then the 3 local banks will be very busy to chase after this burger liao.
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nickyng
Supreme |
07-Nov-2008 12:07
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wah....if LAS VEGAS gone bust !! can u imagine the implications locally?? that IR dream gone....no job creations...no economy activities..wow...that is a spiral down hill siah ! :P |
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AK_Francis
Supreme |
07-Nov-2008 11:52
Yells: "Happy go lucky, cheers." |
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Wah! like that also can ah.
Means better avoid local banks at this moment.
On the other hand, AK guess gov will not allow these
2 IR to fail ones. 150 b S$, being the backing for the
financial sectors.
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Andrew
Master |
07-Nov-2008 11:43
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I am not surprise if it is a Yes. Where to get so much Sing dollar ? Not to forget, the developer, the main contractor, the sub-contractors......if bloomberg can report Sands may default.....I think it will.....as all creditor is q-ing up alredi.... Just look at the stock price alredi tell the story......exactly same as AIG.... |
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ppl_frankie
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07-Nov-2008 07:59
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Will the local bank like DBS, OCBC or UOB be affected ??? | ||||
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ppl_frankie
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07-Nov-2008 07:25
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Casino company's shares tumble more than 33% on bankruptcy fears
CHICAGO (MarketWatch) -- Shares of Las Vegas Sands crumbled more than 33% Thursday after the one-time high-flying casino company said it will likely violate debt covenants this quarter, raising the specter that it might not survive the current economic crisis.
In a filing with the Securities and Exchange Commission, Sands (LVS: las vegas sands corp com7.85, -3.81, -32.7%) -- controlled by billionaire Sheldon Adelson -- told regulators that the size of its debt is now above the agreed maximum leverage ratio. And, if it can't drum up more financing, the company said it could well default on its IOUs.
Shares of Sands plummeted $3.81 to close at $7.85. The stock had been rebounding lately on hopes that Adelson and his family would pump some of their own cash into the company to fund ongoing developments and operations. After running up to as high as $150 last year, the stock cratered at $4.32 last month.
The company's auditors, PricewaterhouseCoopers LLP, said in a filing that if Sands does default on debt covenants, lenders could demand to be repaid sooner, something that "raises substantial doubt about the company's ability to continue as a going concern."
The economic meltdown has battered Las Vegas particularly hard as customers stay away in droves and the ones who do arrive spend less. In addition, Sands' properties in Macau have been hurt by new restrictions on visas for gamblers arriving from mainland China.
Further, casino operators rely on huge loans to fund aggressive expansion plans and the credit crisis has all but dried up the money tap forcing companies like MGM Mirage and Boyd to postpone or scale back some of their more ambitious development projects.
"The good times for the gaming industry are over -- at least in the short-term outlook," said Joseph Weinert, a senior vice president at Spectrum Gaming, an industry consultancy. "As we see with Las Vegas Sands, even the titans of the industry are having to make major concessions with respect to their financial structures, development plans and operations. This industry is not for the timid right now."
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