LAS Vegas Sands will restart a stalled resort in Macau even though its US$2.5 billion (S$3.5 billion) initial public offering raised less than expected, a source familiar with the deal said on Sunday.

The sale had been expected to raise as much as $3.4 billion, with some proceeds earmarked to restart construction on the resort after the global economic crisis dented Macau's gaming sector last year.

The shares will begin trading in Hong Kong on November 30 at a price of HK$10.38, said the source who did not want to be identified.

'The sale was at the lower end of the range,' he told AFP. 'But it won't affect construction or paying down debt - they will still go ahead with that.'

Some of the IPO proceeds and a $1.75 billion bank loan would be used to pay construction costs, company executives said last week.

About 11,000 construction jobs were lost when the project halted last November, dealing a blow to the former Portuguese colony. -- AFP


Date Posted: 26-Nov-2009