Las vegas sands <lvs.n> auditor says substantial doubt about company's ability to continue as a going concern:(
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Las vegas sands <lvs.n> auditor says substantial doubt about company's ability to con
- Thread starter Conan the Barbarian
- Start date
Re: Las vegas sands <lvs.n> auditor says substantial doubt about company's ability to
So govt can forfeit Sands deposit of $360 million. A windfall for the govt.
So govt can forfeit Sands deposit of $360 million. A windfall for the govt.
Re: Las vegas sands <lvs.n> auditor says substantial doubt about company's ability to
The sand storm has arrived. Bank jia lat. Govt hippy cos money in pocket already.
The sand storm has arrived. Bank jia lat. Govt hippy cos money in pocket already.
Re: Las vegas sands <lvs.n> auditor says substantial doubt about company's ability to
Tee Seeh Luck (Get bad luck) says we must get more sponsored and financual support. hahahahahahaha...........
LKY says Singaporeans have been complacent that is why this crisis. hahahahaha.
WKS tell you more foreign workers better economy. hahahahahaha
Tee Seeh Luck (Get bad luck) says we must get more sponsored and financual support. hahahahahahaha...........
LKY says Singaporeans have been complacent that is why this crisis. hahahahaha.
WKS tell you more foreign workers better economy. hahahahahaha
Re: Las vegas sands <lvs.n> auditor says substantial doubt about company's ability to
will this be our new skyline?
will this be our new skyline?
Re: Las vegas sands <lvs.n> auditor says substantial doubt about company's ability to
Like the Gateway East and West a long time ago, was left standing uncompleted for nearly five years due to project changing hands. So, looks like this is going to be the case too.
will this be our new skyline?
Like the Gateway East and West a long time ago, was left standing uncompleted for nearly five years due to project changing hands. So, looks like this is going to be the case too.
Re: Las vegas sands <lvs.n> auditor says substantial doubt about company's ability to
This project is very complicated. I understand that LVS has already drawn down the $5.4 bln loan (they used LVS shares as collateral) and they are not current with their payments to their consultants and contractors.
So even if gahman lan lan wants to aid LVS to complete the project, how to resolve all outstanding payments.
I think eventually LVS will just walk away because if Macao's casinos can survive how can S'pore make it? Walk away and let the banks hold thier worthless shares.
This project is very complicated. I understand that LVS has already drawn down the $5.4 bln loan (they used LVS shares as collateral) and they are not current with their payments to their consultants and contractors.
So even if gahman lan lan wants to aid LVS to complete the project, how to resolve all outstanding payments.
I think eventually LVS will just walk away because if Macao's casinos can survive how can S'pore make it? Walk away and let the banks hold thier worthless shares.
Re: Las vegas sands <lvs.n> auditor says substantial doubt about company's ability to
Las Vegas Sands Plunges on Default, Bankruptcy Risk (Update3)
By Beth Jinks
Nov. 6 (Bloomberg) -- Las Vegas Sands Corp., billionaire Sheldon Adelson's casino company, plunged in New York trading after saying it may default on debt and face bankruptcy.
The casino owner, which had $8.8 billion in long-term debt at the end of June, said in a regulatory filing today that it probably won't meet the requirements of some loans unless it cuts spending on development projects, boosts earnings at its Las Vegas Strip casinos and raises more capital.
The reversal of fortune is a black eye for the 75-year-old Adelson, who was once America's third-richest man on the strength of his Las Vegas Sands holdings. The Las Vegas-based company's dwindling cash flow is threatening $16 billion worth of developments in Macau, China, and Singapore, where Las Vegas Sands is building resorts to cater to wealthy Asian gamblers.
``They need to raise money,'' said Keith Foley, a New York- based analyst at Moody's Investors Service Inc. ``It's getting to the point where they need to do something now.''
The shares dropped $3.21, or 27 percent, to $8.81 at 1:21 p.m. before the start of New York Stock Exchange composite trading. Las Vegas Sands had tumbled 91 percent before today as investors dumped the stock, worried that falling casino winnings and the global financial meltdown would leave the company without enough cash to pay for expansion projects or cover its loans.
More Capital
Spending declines on the Vegas Strip and restrictions on visas in Macau have stemmed the flow of cash into Las Vegas Sands. Today's admission comes after 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, and hired an unidentified investment bank to raise more capital with his help.
Las Vegas Sands said it doesn't expect to meet a maximum leverage ratio covenant in the fourth quarter. That would trigger defaults that might force the company to suspend development projects and ``raise a substantial doubt about the company's ability to continue as a going concern.''
``Sheldon still has considerable resources, and we doubt he will sit on the sidelines and watch LVS go bankrupt,'' Robert LaFleur at Susquehanna Financial Group LLLP, said today in a client note he titled ``Scary Post-Halloween 8-K Filing.'' ``The question is how much dry powder does he have, and what can he do?''
Deep Pockets
In a July conference call, Adelson suggested he would step in to help the company with any financing it might need, saying a friend described him as ``the tallest person I know when you stand on your wallet.''
``And I'm saying right now, the company will not have liquidity problems,'' he said at the time.
Las Vegas Sands made a filing with regulators today to allow it to quickly sell stocks or bonds if it finds investors.
``The offering shows what their intent is, but it doesn't mean they'll be successful,'' said Foley. ``How and when is uncertain, and their ability to successfully do that is uncertain.''
Adelson founded the Comdex computer expo in 1979, later selling the business and using the proceeds to build the Venetian Resort Hotel Casino in Las Vegas.
The filing sparked new concerns that Las Vegas Sands won't finish Singapore's first casino or a 20,000-room complex of hotels and casinos in Macau. The Chinese territory overtook the Vegas Strip as the world's biggest gambling market in 2006.
`Other Alternatives'
Should Sands fail to raise capital ``we would need to immediately suspend portions, if not all, of our ongoing global development projects and consider other alternatives,'' the company said in the filing.
Las Vegas Sands owns the Venetian and Palazzo casino resorts on the Las Vegas Strip, plus the Macau Venetian, Sands and Four Seasons, and had expected sufficient earnings from the properties to fund its expansion and pay loans.
Las Vegas Strip casino gambling revenue slid 6.7 percent this year through August, on track for its biggest annual decline on record, as airlines cut back capacity and consumers, battling declining home values, job losses and the worst financial crisis since the Great Depression, spent less.
Macau's falling visitor numbers may prompt Macau and Chinese authorities to reconsider some of the visa limits imposed this year in an attempt to limit the growth of VIP gambling, casino executives including MGM Mirage Chief Executive Officer Terry Lanni have said.
China increased visa restrictions on some mainland residents traveling to Macau, causing casino gambling revenue in the former Portuguese colony to fall to 26 billion patacas ($3.28 billion) in the third quarter from 28.9 billion patacas in the second.
Adelson plans to sell Sands' Four Seasons apartment hotel in Macau as a co-operative and wants to sell the attached mall space.
To contact the reporter on this story: Beth Jinks in New York at [email protected]
Last Updated: November 6, 2008 13:26 EST
Las Vegas Sands Plunges on Default, Bankruptcy Risk (Update3)
By Beth Jinks
Nov. 6 (Bloomberg) -- Las Vegas Sands Corp., billionaire Sheldon Adelson's casino company, plunged in New York trading after saying it may default on debt and face bankruptcy.
The casino owner, which had $8.8 billion in long-term debt at the end of June, said in a regulatory filing today that it probably won't meet the requirements of some loans unless it cuts spending on development projects, boosts earnings at its Las Vegas Strip casinos and raises more capital.
The reversal of fortune is a black eye for the 75-year-old Adelson, who was once America's third-richest man on the strength of his Las Vegas Sands holdings. The Las Vegas-based company's dwindling cash flow is threatening $16 billion worth of developments in Macau, China, and Singapore, where Las Vegas Sands is building resorts to cater to wealthy Asian gamblers.
``They need to raise money,'' said Keith Foley, a New York- based analyst at Moody's Investors Service Inc. ``It's getting to the point where they need to do something now.''
The shares dropped $3.21, or 27 percent, to $8.81 at 1:21 p.m. before the start of New York Stock Exchange composite trading. Las Vegas Sands had tumbled 91 percent before today as investors dumped the stock, worried that falling casino winnings and the global financial meltdown would leave the company without enough cash to pay for expansion projects or cover its loans.
More Capital
Spending declines on the Vegas Strip and restrictions on visas in Macau have stemmed the flow of cash into Las Vegas Sands. Today's admission comes after 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, and hired an unidentified investment bank to raise more capital with his help.
Las Vegas Sands said it doesn't expect to meet a maximum leverage ratio covenant in the fourth quarter. That would trigger defaults that might force the company to suspend development projects and ``raise a substantial doubt about the company's ability to continue as a going concern.''
``Sheldon still has considerable resources, and we doubt he will sit on the sidelines and watch LVS go bankrupt,'' Robert LaFleur at Susquehanna Financial Group LLLP, said today in a client note he titled ``Scary Post-Halloween 8-K Filing.'' ``The question is how much dry powder does he have, and what can he do?''
Deep Pockets
In a July conference call, Adelson suggested he would step in to help the company with any financing it might need, saying a friend described him as ``the tallest person I know when you stand on your wallet.''
``And I'm saying right now, the company will not have liquidity problems,'' he said at the time.
Las Vegas Sands made a filing with regulators today to allow it to quickly sell stocks or bonds if it finds investors.
``The offering shows what their intent is, but it doesn't mean they'll be successful,'' said Foley. ``How and when is uncertain, and their ability to successfully do that is uncertain.''
Adelson founded the Comdex computer expo in 1979, later selling the business and using the proceeds to build the Venetian Resort Hotel Casino in Las Vegas.
The filing sparked new concerns that Las Vegas Sands won't finish Singapore's first casino or a 20,000-room complex of hotels and casinos in Macau. The Chinese territory overtook the Vegas Strip as the world's biggest gambling market in 2006.
`Other Alternatives'
Should Sands fail to raise capital ``we would need to immediately suspend portions, if not all, of our ongoing global development projects and consider other alternatives,'' the company said in the filing.
Las Vegas Sands owns the Venetian and Palazzo casino resorts on the Las Vegas Strip, plus the Macau Venetian, Sands and Four Seasons, and had expected sufficient earnings from the properties to fund its expansion and pay loans.
Las Vegas Strip casino gambling revenue slid 6.7 percent this year through August, on track for its biggest annual decline on record, as airlines cut back capacity and consumers, battling declining home values, job losses and the worst financial crisis since the Great Depression, spent less.
Macau's falling visitor numbers may prompt Macau and Chinese authorities to reconsider some of the visa limits imposed this year in an attempt to limit the growth of VIP gambling, casino executives including MGM Mirage Chief Executive Officer Terry Lanni have said.
China increased visa restrictions on some mainland residents traveling to Macau, causing casino gambling revenue in the former Portuguese colony to fall to 26 billion patacas ($3.28 billion) in the third quarter from 28.9 billion patacas in the second.
Adelson plans to sell Sands' Four Seasons apartment hotel in Macau as a co-operative and wants to sell the attached mall space.
To contact the reporter on this story: Beth Jinks in New York at [email protected]
Last Updated: November 6, 2008 13:26 EST
Re: Las vegas sands <lvs.n> auditor says substantial doubt about company's ability to
Alot of goondoos here kept saying that the casino business is solid, even if they were in the red for their other non-casino operations. Some arses here claims that the IRs can be supported by their casino alone. They obviously got no clue about the F&B/entertaining sector. Remember crazy horse, their loses were fast and furious.
Alot of goondoos here kept saying that the casino business is solid, even if they were in the red for their other non-casino operations. Some arses here claims that the IRs can be supported by their casino alone. They obviously got no clue about the F&B/entertaining sector. Remember crazy horse, their loses were fast and furious.
Re: Las vegas sands <lvs.n> auditor says substantial doubt about company's ability to
>>>Should Sands fail to raise capital ``we would need to immediately suspend portions, if not all, of our ongoing global development projects and consider other alternatives,'' the company said in the filing. <<<
The Alternative?
>>>Should Sands fail to raise capital ``we would need to immediately suspend portions, if not all, of our ongoing global development projects and consider other alternatives,'' the company said in the filing. <<<
The Alternative?
Re: Las vegas sands <lvs.n> auditor says substantial doubt about company's ability to
who ever believe in building sands castles in the sky?
only smart singaporeans of world class status and first world intelligence.
well done !
who ever believe in building sands castles in the sky?
only smart singaporeans of world class status and first world intelligence.
well done !
Re: Las vegas sands <lvs.n> auditor says substantial doubt about company's ability to
Hoseh Liow !!
more handouts given next year !!
Hoseh Liow !!
more handouts given next year !!
Re: Las vegas sands <lvs.n> auditor says substantial doubt about company's ability to
Hi Blackhole,
Wait for the "taichi quan" it's coming soon.
The standard PAP bullcrap will be, "It's not our fault, all our fundamentals are good, but sometimes you don't know if the fundamentals of these companies are good."
Cheers,
MM
Hi Blackhole,
Wait for the "taichi quan" it's coming soon.
The standard PAP bullcrap will be, "It's not our fault, all our fundamentals are good, but sometimes you don't know if the fundamentals of these companies are good."
Cheers,
MM
Re: Las vegas sands <lvs.n> auditor says substantial doubt about company's ability to
Don't know leh. Maybe your pestors request you chrikukustians to donate to have that lo, so as to praise your "Goat" and the more you chrikukustians donate your pestors will say "Goat" will bless you more lo
will this be our new skyline?
Don't know leh. Maybe your pestors request you chrikukustians to donate to have that lo, so as to praise your "Goat" and the more you chrikukustians donate your pestors will say "Goat" will bless you more lo
Re: Las vegas sands <lvs.n> auditor says substantial doubt about company's ability to
why you so lor sor one? you bullda worshipper?
do you know you are running in a loop?
why you so lor sor one? you bullda worshipper?
do you know you are running in a loop?
Re: Las vegas sands <lvs.n> auditor says substantial doubt about company's ability to
Ya, but not as lor sor as you and your chrikukustians pestors
Ya, but not as lor sor as you and your chrikukustians pestors
Re: Las vegas sands <lvs.n> auditor says substantial doubt about company's ability to
Looks like Temasick may have to take over. CEO will be more than happy to increase investment portfolio as means more authority without responsibility and more bonus. Temasick will then need to pay hefty sum to Sands for the Franchise.
In other words Singapore got screwed again.
Looks like Temasick may have to take over. CEO will be more than happy to increase investment portfolio as means more authority without responsibility and more bonus. Temasick will then need to pay hefty sum to Sands for the Franchise.
In other words Singapore got screwed again.
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