Las Vegas Sands Casino in trouble?
November 7, 2008 by mbates
The Las Vegas Sands Casino complex has today admitted it is likely to default on loans owed to Citigroup Inc, Goldman Sachs group and Lehman Bros Holdings. The casino currently has debts of almost $9 billion and is struggling with reduced cash flow and income from casino gambling, coupled with its expensive expansion plans. The news has seen the companies share price plummet to an all time low.
The owner of the Sands, Sheldon Adelson has already invested hundreds of millions of his own dollars into the Casino. Adelson was recently one of the wealthiest men in the world having a personal fortune in the billions but is thought to have been reduced enormously by the recent global credit crunch.
Wall Street brokers are now looking at the stocks of other casinos as they now fear no company is safe.
