U.S. gambling giant Las Vegas Sands abandoned plans to raise nearly $5.3 billion in loans for its expansion in Macau—including funding for a hotel resort—due to the credit crunch and little interest among lenders amid the flailing economy, according to a report in Hotelsmag.com.
Five banks—Lehman Brothers, Citi, Goldman Sachs, BOC International and Standard Chartered—were signed on as the arrangers of the syndicated loan. Lehman Brothers has since gone bankrupt, and Citi and Goldman Sachs face serious issues with liquidity.
