UPDATE 1-Las Vegas Sands gets HK OK for $2 bln plus IPO-sources - News

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UPDATE 1-Las Vegas Sands gets HK OK for $2 bln plus IPO-sources

By: AFX | 30 Oct 2009 | 12:59 AM ET

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By Kennix Chim HONG KONG, Oct 30 (Reuters) - Las Vegas Sands has received approval from the Hong Kong stock exchange listing committee to go ahead with a more than $2 billion IPO of the gaming company's Macau unit, sources said on Friday. The company will kick off pre-marketing next week and start its marketing roadshow on Nov. 9, with a trading debut set for the end of November, according to sources with direct knowledge of the deal. Goldman Sachs, Citigroup and UBS AG are the joint global coordinators for the IPO, according to the sources. All three banks are also bookrunners for the deal, along with BNP Paribas and Barclays. The Nevada-based group, operator of the Venetian Resort in Las Vegas, is seeking to list its Macao business on the Hong Kong Stock Exchange to boost the value of its overall business. The gaming and casino company run by Sheldon Adelson has struggled with a heavy debt load, and is looking to seize on an opportunity to have a publicly traded division in Hong Kong at a time when the IPO window is open. Fellow Las Vegas gaming company, Wynn Resorts, listed its Macau unit earlier this month, raising $1.63 billion. The multi-billion dollar offerings have had banks scrambling to get a role in the IPOs. Sands has finalised whom their bookrunners will be for its offering, the sources said. Reuters reported on Thursday that CLSA and Goldman are joint sponsors.

The three levels of the IPO grant varying degrees of responsibilities and fees, but all result in the coveted league table credit for marketing purposes to future IPO clients. The sources involved have direct knowledge of the offering but were not authorised to speak publicly about the IPO. (Reporting by Kennix Chim and Michael Flaherty; Editing by Jacqueline Wong) Keywords: SANDS IPO/ Keywords: SANDS IPO/ (michael.flaherty@reuters.com; +852 2843 6540; If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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