Adelson is the Sands' chairman, chief executive officer andprincipal stockholder. His family's recent $475 million investmentcame in the form of convertible senior notes in a privatetransaction, but the company's statement did not say in what formit will attempt to raise capital in the new program. The companysaid it will announce further details of the program in the verynear future.

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When the Sands raised the $475 million from Adelson, it saidthat the new financing helped it to meet liquidity requirements andalso to meet certain terms of its line of credit for furniture,fixtures and equipment. Adelson's preferred stock will pay 6.5%interest over five years, making it essentially a loan to the Sandsover that time.

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In a similar move, fellow gaming executive Steve Wynn paid $4million in fees in September in order to maintain interest ratesand had loan covenants altered to help Wynn Resorts maintain itsdebt-to-cash-flow ratio. Wynn's move also was designed to enableWynn Resorts to borrow additional money to complete Encore at WynnLas Vegas, according to SEC filings and published reports.

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The Sands Corp., based in Las Vegas, owns and operates theVenetian Resort- Hotel-Casino, the Palazzo Resort-Hotel-Casino andthe Sands Expo and Convention Center in Las Vegas and the VenetianMacao Resort-Hotel and the Sands Macao in China's SpecialAdministrative Region of Macao.

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The company is currently constructing two additional integratedresorts: Sands Casino Resort Bethlehem in Bethlehem, PA and MarinaBay Sands in Singapore. The Sands is also creating the Cotai Strip,a master-planned development of resort-casino properties inMacao.

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