Sands tells investors about financial woes
November 6, 2008 - 7:15 am
Las Vegas Sands Corp. told investors this morning the company may be in default of some loans if it can’t raise capital, threatening its ability to keep operating.
In a filing with the Securities and Exchange Commission, the operator of the Venetian and Palazzo said it doesn't expect to meet a maximum leverage ratio covenant in the fourth quarter. That would trigger defaults that might force the company to suspend development projects and "raise a substantial doubt about the company's ability to continue as a going concern.'"
Shares of the company were down 25 percent this morning in trading on the New York Stock Exchange.