ETF News

UPDATE 1-Las Vegas Sands says to raise capital

(Adds details on capital raising plans)

NEW YORK, Oct 24 (Reuters) - Casino operator Las Vegas Sands Corp LVS.N said on Friday it is working with an investment bank to raise capital, sending shares down more than 15 percent.

Sagging U.S. consumer confidence and spending power has hurt business in Las Vegas, where Sands operates the Palazzo and Venetian resorts as well as the Sands Expo and Convention Center.

Sands said Sheldon Adelson, its chief executive and principal stockholder, and his family intend to participate in the capital raising.

Las Vegas Sands said Adelson and his family recently completed an investment in the company of $475 million in convertible senior notes.

The company’s stock shed $1.25 to $6.96 on the New York Stock Exchange. It has fallen from $148.76 about a year ago. (Reporting by Mark McSherry; editing by Jeffrey Benkoe)