Seeking Alpha, 22 Nov 2008, Ryan Barnes
Reuters ran a story this morning with sources stating that Goldman Sachs (GS) is in talks to put together a syndicate loan for Las Vegas Sands subsidiary Venetian Macau Ltd., to the tune of about $1 billion. According to the story, the loan would be based on the lots 5 & 6 on the Cotai developments, which strike me as a bit strange.
If LVS was able to get financing with those assets as collateral, there could be time constraints as to when construction would have to start back up. CEO Sheldon Adelson’s claims on the lands aren’t even that solid to begin with. I was expecting to see a $1b or so deal on Canal Shoppes retail properties, but it’s quite likely that commercial real estate is a complete logjam right now.
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