Las Vegas Sands and Wynn Resorts Alter Debt
April 21, 2009 by Stephen Kersey
Filed under Business
One of the overlooked victims of the global economic downturn is the casino industry. On Tuesday, two of the four largest companies in the casino industry, Las Vegas Sands and Wynn Resorts, said that they were successfully able to alter their debt agreements. The new agreements will give the companies more time and a better opportunity to repay the money that they owe.
Las Vegas Sands and Wynn Resorts have a big presence in Las Vegas. However, with less people going to Las Vegas and less spending per capita in Las Vegas, it’s not a big surprise that they aren’t rolling in the money much anymore.
According to various reports, Las Vegas Sands has more than $10 billion in long-term debt, while Wynn Resorts has more than $4 billion in long-term debt. Following the release of this news, both companies saw the value of their shares rise.
Wynn Resorts (Image: Flickr)
