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BUSINESS BRIEFING / CASINOS

Las Vegas Sands puts off projects

November 11, 2008|Times Wire Services

Struggling casino operator Las Vegas Sands Corp. said it suspended several projects and had deals to raise $2.14 billion in new capital, including new funding from its billionaire chief executive, Sheldon Adelson.

The statement, amid worse-than-expected third-quarter results, came after the company said it might breach lending conditions Dec. 31 and default on $5.2 billion in credit facilities secured by its Las Vegas operations.

Analysts said the funding eased worries that the company would go bankrupt.

The company lost $32.2 million, or 9 cents a share, for the quarter, compared with a loss of $48.5 million, or 14 cents a share, a year earlier.

Revenue rose 67% to $1.11 billion.

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