Las Vegas Sands loses executive, eyes debt buy-back of US$800m

Las Vegas Sands Corp announced yesterday the departure of a third executive this month and said it is negotiating with its lenders for permission to buy back up to US$800 million in debt.

The casino developer said it was in discussions with a syndicate of banks to pay down a US$5 billion credit facility it secured in 2007 to fund projects in the United States. But the company cautioned that it 'has no present intention to repurchase term loans'.

Las Vegas Sands said executive vice-president Bradley Stone quit on March 18. He was a 13-year veteran of the firm who served as president of global operations and construction and was frequently sighted in Macau.

Mr Stone's resignation follows the departure of president and chief operating officer Bill Weidner earlier this month.

Mr Weidner, who worked with Mr Stone at Pratt Hotels before joining Las Vegas Sands, left after citing arguments with chairman, chief executive and majority owner Sheldon Adelson. He was followed days later by board member James Purcell, who resigned after saying he disagreed with the way Mr Weidner's departure was handled.

The boardroom battles at Las Vegas Sands come amid a credit crisis that has exacerbated the company's burden of US$10.36 billion in long-term debt. A slowdown in business in Las Vegas and Macau has caused the company to struggle to stay within the maximum debt-to-cash-flow levels specified by its loan covenants.