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November 7, 2008

Vegas casino developer may break its loan deals

By OSKAR GARCIA
Associated Press Writer

LAS VEGAS — Las Vegas Sands Corp., the international casino empire run by billionaire Sheldon Adelson, must raise new capital or slash development spending, or both, by next month to keep its lenders at bay, the company said Thursday. News that the company might break its loan agreements sent its shares plummeting 33 percent.

Adelson, whose personal wealth is largely tied to his ownership in Sands, has seen his stake's value plunge along with the company's stock price, which has dropped 93 percent over the past year. At one point his shares were worth some $30 billion, making him this country's third-richest person, but as of Thursday's stock price that value had shriveled to $1.9 billion.


 
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