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Posted by Alex Finkelstein 11/27/09 9:00 AM EST

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Macao Casino Entrepreneur Adelson Raises $2.4B in Hong Kong IPO

Sheldon Adelson

(COTAI STRIP, MACAO, CHINA) -- Casino-hotel entrepreneur Sheldon Adelson has raised $2.4 billion in a Hong Kong initial public offering.

Adelson's Sands China Ltd. operation filed the information with the Hong Kong Stock Exchange. The offering was priced at the bottom of its expected range of $1.34 to $1.79 per share.

Sands China will be listed on the Hong Kong exchange Nov. 30. Las Vegas Sands Corp., the parent of Sands China Ltd., will use the proceeds to restart its Cotai Strip project in Macao.

Sands Casino Macau

The corporation has an additional $1.45 billion in recently committed bank financing for Sands China.

Las Vegas Sands, through Sands Macao, owns three operating casino resorts in Macao. They are the Venetian Macao, the Sands Macao and the Plaza Macao.

Macao is a one-hour ferry ride from Hong Kong.

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