The Agence France-Presse reported on Monday that the banking crisis has caused Las Vegas Sands Corporation to withdrawal plans to raise money for a Macau expansion.
According to a report, the Sands had planned to raise $5.25 billion in loans to fund the deal.
Today the Sands released a statement announcing that Macau’s government approved legal separation of the company’s Four Seasons apartment hotel tower from the other components of its Four Season parcel on the Cotai Strip.
The statement said that legal separation of property will allow the company to transfer the apartment hotel building into a separate cooperative holding company and to sell cooperative interests in the tower.
“While we acknowledge that the current financing environment is less than ideal, we believe the uniqueness of the product, together with its premier location and its Four Seasons branding and service, will incentivize the premium buyer that is able to remain active in any market environment,” said Sheldon G. Adelson, the Sand’s chairman and chief executive, in the statement.