http://www.footnoted.com/my-big-fat-deal/what-happens-in-vegas-2/ Michelle Leder's guide to what's hiding in SEC filings Fri, 23 Jul 2010 18:06:29 +0000 http://wordpress.org/?v=2.9.2 hourly 1 http://www.footnoted.com/my-big-fat-deal/what-happens-in-vegas-2/comment-page-1/#comment-8985 Frank Graham Mon, 20 Jul 2009 15:36:43 +0000 http://www.footnoted.com/?p=4054#comment-8985 Nice find. Stock up a buck today. I too first thought 50% smacked of an attempt to lock in a strong performer. But thinking more it doesn't fit with Street's idea of where the heck are these guys going to go anyway? Cheaper to pay a bag of coin to get a non compete and dump the clown. Stock's relative flatness reflects market's view of company. And then this at 11:05 am ET. S&P KEEPS SELL RECOMMENDATION ON SHARES OF LAS VEGAS SANDS According to unconfirmed Bloomberg report, LVS plans to apply early next month for a Hong Kong IPO of its Macau casinos. LVS is also seeking amendments for covenant relief and permission to sell as much as $1.5B in new debt. Earlier in May, LVS had hired Goldman Sachs to manage the sale according to unconfirmed reports. We think a successful transaction is necessary to relieve liquidity concerns with covenants tightening in the fall. We see Vegas properties vulnerable to more room rate declines as new supply comes on later in '09 with opening of MGM's (MGM 6.73 ***) CityCenter. Nice find. Stock up a buck today. I too first thought 50% smacked of an attempt to
lock in a strong performer. But thinking more it doesn’t fit with Street’s idea of where
the heck are these guys going to go anyway? Cheaper to pay a bag of coin to get
a non compete and dump the clown. Stock’s relative flatness reflects market’s
view of company. And then this at 11:05 am ET.
S&P KEEPS SELL RECOMMENDATION ON SHARES OF LAS VEGAS SANDS
According to unconfirmed Bloomberg report, LVS plans to apply early next month for a Hong Kong IPO of its Macau casinos. LVS is also seeking amendments for covenant relief and permission to sell as much as $1.5B in new debt. Earlier in May, LVS had hired Goldman Sachs to manage the sale according to unconfirmed reports. We think a successful transaction is necessary to relieve liquidity concerns with covenants tightening in the fall. We see Vegas properties vulnerable to more room rate declines as new supply comes on later in ‘09 with opening of MGM’s (MGM 6.73 ***) CityCenter.

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