S&P: Las Vegas Sands unaffected

Standard & Poor's said its ratings and outlook on Las Vegas Sands Inc. (B+/stable/--) and its subsidiary Venetian Casino Resort LLC remain unchanged after the announcement of a planned initial public offering of its affiliate, Las Vegas Sands Inc.

Prior to the completion of the IPO, Las Vegas Sands Corp. will become the parent corporation of Las Vegas Sands Inc. Net proceeds, which are undetermined at this time but could be in excess of $300 million, will be used for general corporate purposes and working capital, including the company's Phase II expansion in Las Vegas, its Venetian Macau project, and other potential development projects.

S&P said the planned IPO provides the company an additional funding source that will help to offset the significant increase in capital spending that will occur over the next few years due to a combination of ongoing enhancements at the Venetian, its Phase II Las Vegas development, and spending associated with Venetian Macau.

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