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LAS VEGAS SANDS SAID TO PLAN HONG KONG IPO FILING Bloomberg.com

Citing, “a person with knowledge in the matter”, Bloomberg.com released a story stating that LVS plans to file an IPO of shares in its Macau casinos with Hong Kong regulators early next month to raise up to $4BN.  The gaming company is also seeking amendments to its Macau bank loan, including covenant relief (as the maximum permitted leverage steps down in 3Q09) and permission to issue as much as $US1.5 billion in new debt according to an unidentified source.

LVS is seeking to raise capital to restart work on its US$12 billion projects on the Cotai strip.  LVS hired Goldman Sachs to help it buy back as much as US$800 million of bank loans via modified Dutch auctions as permitted by its last credit amendment which could allow LVS to get its total leverage beneath the covenant step down in 3Q09.  LVS President Michael Leven said on July 8th that the company could raise at least US$2 billion selling a minority stake in its Macau business in Hong Kong.

MACAO’S TOURIST PRICE INDEX (TPI) ROSE BY 1.77% IN Q2 macaudailyblog.com

Macau’s Tourist Price Index for the second quarter of 2009 rose by 1.77% year-over-year, according to the city’s Statistics and Census Service.

The indices of Restaurants service and food, Alcoholic drinks and tobacco increased notably by 6.29% and 6.1% respectively.  Accommodation saw a 4.75% decrease year-over-year.  On a trailing four quarters basis, the TPI for the period ending 2Q09 increased by 5.33%, with significant increases of the indices of Clothing and footwear (11.28%), Restaurant service (10.24%) and Food, alcoholic drinks and tobacco (9.45%).