Nov. 6 (Bloomberg) -- Las Vegas Sands Corp., billionaire Sheldon Adelson's casino company, fell the most in New York trading since going public after saying it may default on debt and face bankruptcy.
The casino owner, which had $8.8 billion in long-term debt at the end of June, said in a regulatory filing today that it probably won't meet the requirements of loans arranged by Citigroup Inc., Goldman Sachs Group Inc. and Lehman Brothers Holdings Inc. unless it cuts spending on developments, boosts earnings at its Las Vegas Strip casinos and raises more capital.
The reversal of fortune is a black eye for the 75-year-old Adelson, who was once America's third-richest man on the strength of his Las Vegas Sands holdings. The Las Vegas-based company's dwindling cash flow is threatening $16 billion worth of developments in Macau, China, and Singapore, where Las Vegas Sands is building resorts to cater to wealthy Asian gamblers.
``They need to raise money,'' said Keith Foley, a New York- based analyst at Moody's Investors Service Inc. ``It's getting to the point where they need to do something now.''
The shares dropped $3.81, or 33 percent, to $7.85 at 4:04 p.m. in New York Stock Exchange composite trading, the biggest decline since its initial share sale in December 2004. Las Vegas Sands had tumbled 91 percent before today this year as investors dumped the stock, worried that falling casino winnings and the global financial meltdown would leave the company without enough cash.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aauXKFyCQxoQ
Now for potentially GOOD news since 'Fox' is usually a kike name:
NOVEMBER 6, 2008
By KATE KELLYThe meltdown of Bear Stearns Cos. in March marked the collapse of the modern securities industry, and the careers of some on Wall Street.
The financial crisis also claimed the life of a veteran Bear Stearns manager.
Barry Fox, a research supervisor who worked for nine years at the brokerage firm, took a drug overdose and then jumped from his 29th-floor apartment the evening in May after he learned he wouldn't be hired by J.P. Morgan Chase & Co., which was about to buy his firm. A coroner recently confirmed in an autopsy report that the death was a suicide.
http://online.wsj.com/article/SB122593803133403929.html?mod=googlenews_wsj
Someone had a thread title that asked if kikes were jumping out of windows yet. There's your answer. It just took a while is all.
The average kwan is of such low quality that he'd shoot himself if he had any self awareness.
-Joe from Ohio