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Not unexpected but good new nonetheless, LVS filed an application to possibly list shares on the Hong Kong stock exchange.

IPOing part of its Macau operations is one prong of the LVS strategy to shore up its balance sheet, overcome covenant hurdles, and potentially fund the restart of Lots 5 and 6 on Cotai.  While the actual floating of shares will not come until later this year, the news is positive.  Remember, last week LVS obtained an amendment of its Macau credit facility to raise the maximum leverage covenant.  The company is certainly executing on the balance sheet front.

Operationally, the fundamentals are improving dramatically in the Macau market.  August should be the strongest month in over a year and the comparisons get much easier starting in September.  The Venetian may be having its best month ever.  See "ANOTHER MONSTER MONTH IN MACAU" from 8/17/09 and "THE MACAU HIGH SEASON" from 8/12/09 for more detail.