CR83-p02&03-International:SJC-Casino Review 23/8/09 01:35 Page 1
internationalcasinoreview
Belarus to court Russian gamblers
The President of Belarus, Alexander Lukashenka,
has said he is keen to approve a decree that will
welcome gambling companies uprooted in
Russia and Ukraine. Russian operator Storm
International has led the charge to relocate
opening the Shangri la casino in the capital of
News
Minsk. The casino opened with just five tables
and ten slot machine, but they already plan to
double in size over the next few weeks. The plan
is to fly in VIP players from Moscow just a short
plane journey away.
INTERNATIONAL
Sands clears path to
raise cash and finish
Macau construction
Nils Ušakovs
wants to build a
casino resort on
an island in Riga
There’s light at the
company and will position us
end of the tunnel for
to resume our growth strat-
Riga mayor
egy in the years ahead.”
Las Vegas Sands.
The Las Vegas-based
wants
The US operator has
company owns the Venetian
and Palazzo hotel-casinos on
island
restructured its loan
the Las Vegas Strip, as well as
agreements to open
attraction
Sands Macao, Venetian Macau
the way towards
and Sands Casino Resort Beth-
for
raising money to
lehem in Pennsylvania, among
finish off its
other properties. Russians
Las Vegas Sands is also
construction work in developing resorts on the
Macau. Phil Martin
Cotai strip, a short drive from buildingplans
reports.
Macau’s main casino area. LATVIA
Last month, Las Vegas Sands
said it posted a bigger second- The new mayor of Riga has
creditdue quarter loss because of costs proposed building a casino
CHINA to settle a legal matter and resort on an island in the
charges for lower-than- Latvian capital. Nils
Shares in Las Vegas Sands expected proceeds from the Ušakovs, first ethnic
surged after the operator sale of a mall at one of its Las Russian to hold the mayor’s
reworked a credit agreement Vegas resorts. post in Riga since the end of
in a way that would let it sell a Sands has been battling the Soviet era, believes such
minority interest in its Macau with huge debt as it attempts a venue could attract
operations to raise cash. to expand itself out of the players from Russia who
Sands has completed an current downturn. Marina Bay have been displaced by the
amendment to its $3.3bn Sands in Singapore will be the ban in effect in the CIS
Macau Credit Facility provid- term funding to restart con- increases the interest rate for The Sands Macau: Las most expensive in the world since 1 July.
ing it with important advan- struction. the loans under the Credit
Vegas Sands’ flagship
when it opens early next year. There are a great number
tages, including the ability to Adelson is reported to be Facility to LIBOR + 5.5 per
property in Macau
At one stage late last year, it of casinos, electronic
sell a minority interest in its about to offer convertible cent per year. If the company was on the brink of insolvency casinos and gaming arcades
Macau operations, six quarters bonds with interest of up to successfully completes the forward in our plan to main- with revenues hit hard by the already in Riga, although
of covenant relief, and, subject 16 per cent to hedge funds. sale of a minority interest in tain and improve liquidity. downturn and interest rates this number has decreased
to certain limitations, the The sale is linked to its Macau operations and The amendment significantly crippling the company’s debt. since the onset of economic
ability to issue senior secured Sands'‘plan to raise $2.5bn in prepays US$500m of out- increases our financial flexi- A cash injection from Adelson crisis. Ušakovs, a left-winger
or unsecured notes in Macau. a Hong Kong initial public standing loans, the interest bility and permits us to pursue papered over the cracks. The who favours stronger ties
Sands wants to secure offering of its Macau opera- rate will drop to LIBOR + 4.5 a potential listing of a minor- Marina Bay Sands in Singapore with Russia, is looking for
funds to restart work on its tions early next year. per cent per year. ity interest in our Macau oper- is one of the few projects that reform at the same time. He
$12bn, 20,000-room hotel and The amendment increases Sheldon Adelson, chairman ations on an Asian stock Sands has continued con- told a local news website:
casino complex on the Cotai the maximum leverage ratio and chief executive officer, exchange. We remain confi- struction on having struggled “All gambling in Riga must
Strip in Macau. The reworked covenant under the Credit Facil- stated: “We have now received dent that the continued exe- in the economic downturn. It be concentrated in one
credit agreement should open ity in Macau by 1.0X for the four the approval of our Macau cution of our strategy, and the has stopped construction place. Currently gaming
the door to share and bond quarters beginning July 1, 2009 lenders and completed the opening of Marina Bay Sands on projects in Macau, laying halls and casinos are spread
sales in Asia. and by 0.5X for the two quar- amendment of our Macau in the first quarter of 2010, off 11,000 workers but over the whole capital. Riga
The operator is believed to ters beginning July 1, 2010. Credit Facility. This action rep- will contribute to the suc- hopes to resume construc- would benefit from this
be looking for $400m in short- The amendment also resents an important step cessful de-leveraging of the tion sometime this year. ‘Mini-Las Vegas’.”
The idea has been
welcomed by the Latvian
Gaming Operators
Stanley Ho recovering from surgery
Association, however, it
thinks that it is unlikely to
be achieved in the near
onthemend Ho, 87, the managing direc- blood clot. Ho is believed to appropriate actions against future, given the depth of
CHINA tor of SJM, has been in hospital have injured his head in an any irresponsible reporting.” the recession.
since the start of August. Wong accident at home. Ho’s third wife Chan Un A spokesman said: “The
Macau gaming magnate said that he was in a satisfac- “Dr Ho is progressing well Chan told reporters outside project would require
Stanley Ho is said to be recov- tory condition after surgery, in his recovery, and any specu- the Hong Kong Adventist Hos- investment to the tune of
ering well from surgery with without saying what hospital lation on strokes or immobil- pital that Ho was ‘doing better.’ hundreds of millions of US
his spokeswoman Janet Wong he was in, or what operation ity is unfounded,” Wong said. Ho built his fortunes in the dollars. I doubt that
keen to stress that reports had been performed. It is “We trust the media will refrain gambling enclave of Macau, anyone would invest so
claiming he had a stroke and believed, though, that he was from reporting speculation where he held a casino much money in the
mobility problems were taken to intensive care after and unsubstantiated rumors. monopoly for four decades gaming business in the
‘unfounded.’ brain surgery to remove a We reserve the right to take from 1962. current climate.”
2 September 2009 • internationalnews
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