Las Vegas Sands stable after raising US$2.1bn
Las Vegas Sands (LVS), the US casino operator, is able to continue as a going concern after raising US$2.1bn (£1.4bn, 1.66bn euro) by selling common shares and preferred stock last week.
LVS, which owns the world’s largest casino in Macau, believes it has enough liquidity now to fund ongoing operations and act on its development plans.
Earlier this month, PricewaterhouseCoopers (PwC) said that there was substantial doubt that the company would be able to continue as a going concern, due to the effect global financial crisis on casino businesses.
But PwC reversed its statement, saying: “We previously concluded that there was substantial doubt about the company’s ability to continue as a going concern. Management has subsequently taken certain actions which we have concluded remove that substantial doubt.”
LVS saw its shares rise 2.3 per cent to US$6.25 yesterday (17 November).
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