Las Vegas Sands applies for HK listing

Aug. 21, 2009 (China Knowledge) - Casino operator Las Vegas Sands on Thursday said that it has submitted an application to launch an initial public offering on the Hong Kong Stock Exchange, sources reported.

The New York-listed firm told the U.S. Securities and Exchange Commission that it has not made any decision with respect to the timing or terms of the IPO or whether to proceed with the deal.

The IPO is likely to take place at the end of November or early December and could allow the Las Vegas-based company to raise between US$1 billion and US$2 billion via the sale of a minority stake in its Macau operations, said an analyst with J.P. Morgan Chase.

Another Las Vegas-based casino operator Wynn Resorts last month filed an application with HKEx to list its Macau unit on the bourse to raise up to US$1 billion. The Nasdaq-listed company booked a net loss of US$33.8 million in the first quarter of this year after it reported a net profit of US$46.7 million last year, according to an earlier report from China Knowledge.