The proposed amendment would permit the company to acquire term loans outstanding under the credit agreement, at which point they would be immediately canceled and retired. Any purchases of said term loans would be conducted via a modified Dutch auction with a minimum repurchase offer of $25 million in per auction.

Las Vegas Sands' billionaire CEO Sheldon Adelson could not immediately be reached Tuesday afternoon for comment. Adelson told the Associated Press that the company considers the option another tool to solve potential covenant breaches, but that it isn't necessary right now.

Las Vegas Sands had $10.5 billion in long-term debt as of the start of the year. Shares of the company finished the trading day Tuesday at $3.05, up 15% [$0.40] on a day the Dow Jones Industrial Average, Nasdaq and almost all of its peers lost ground.

In November, Las Vegas Sands revealed that it was in danger of defaulting on $5.2 billion in credit facilities secured by its US operations, halted construction at its active development sites worldwide and then completed an emergency $2.1-billion capital raise, thereby removing "substantial doubt about the company's ability to continue as a going concern."

In the US, the work stoppage included the $600-million, 50-story condo tower it has been constructing on the Las Vegas Strip, in front of its new Palazzo resort, as well as everything except the casino at its $700-million, 124-acre Sands Bethlehem development in Pennsylvania.