Venetian parent offering stock sale

September 7

According to a SEC filing, the Las Vegas Sands Corp. has filed an initial public offering to sell around $350 million in common stock.

Details about the number of shares offered and the price range for the IPO weren't disclosed in Friday's filing.

The company stated that it is planning to utilize the proceeds from the offering for general corporate purposes and working capital.

Las Vegas Sands also stated that it might even use the proceeds to pay for its development projects in Asia, the United Kingdom and in other areas.

It is noted that Sheldon G. Adelson, chairman and chief executive of Las Vegas Sands since it was formed in 1988, will own more than 50 percent of the voting power of the company after the completion of the offering. In doing so, the company is considered a controlled company in connection with the New York Stock Exchange listing requirements.

The New York Stock Exchange corporate governance requirements that Las Vegas Sands' board and its compensation committee be independent will not apply, the filing said.

Goldman, Sachs & Co. is currently listed as the underwriter for the stock offering.

Las Vegas Sands owns and operates The Venetian hotel and casino and the Sands Expo & Convention Center in Las Vegas, along with a new casino in Macau, a former Portuguese enclave in China.

The company said it plans to list its stock on the New York Stock Exchange under the symbol LVS.

The $350 million valuation for the IPO was estimated solely for calculating the registration fee, the filing said. The eventual price terms of an IPO often differ substantially from the valuation in the first registration.