After Las Vegas Sands Corporation posted a third-quarter net loss of $32 million yesterday, the struggling casino giant announced today that 181.8 million common shares have been priced in a public offering at $5.50 per share. Shares were halted from trading on the New York Stock Exchange today.
The Sands reported third-quarter revenues of $1.2 billion, which was higher than $694 million it brought in last year during the corresponding period. The adjusted earnings before interest, taxes, depreciation and amortization increased from $132 million to $211 million.
Additionally, the Associated Press has reported that Macau doesn’t plan on assisting the Sands with financing after it dropped multibillion-dollar projects in the special administrative region.
“Because of its over-leveraged borrowing in the U.S. and around the world, it's normal and expected that it has to suspend some of its projects,” said Edmund Ho, Macau chief executive in an annual policy address.