Adelson Wins Favored Terms for Casino Loans: Corporate Finance
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Junk-rated Las Vegas Sands Corp., the casino operator controlled by billionaire Sheldon Adelson, is getting investment-grade treatment from banks as cash flow from its properties in Asia outpaces those in the U.S.
Lenders participating in a S$4.6 billion ($3.6 billion) credit facility dropped demands that the Las Vegas based company use any excess cash at the end of its financial year to reduce the loan’s outstanding balance, two people familiar with the matter said on June 4. Typically, only high-grade borrowers are awarded such terms.