Word: cashes
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...Vegas-based casino operator, a full-blown financial hurricane may be brewing. In a Nov. 5 filing to the Securities and Exchange Commission, Las Vegas Sands revealed its cash was drying up. For the first six months of 2008, according to the filing, the company's earnings were "insufficient to cover fixed charges" by $80.1 million. This gaping shortfall, astonishing for a company that was throwing off more than $600 million in free cash flow annually just three years ago, could trigger defaults on its $8.8 billion in long-term loans. That, in turn, could jeopardize Las Vegas Sands' ability...
...Vegas are growing more reluctant to part with their money. Las Vegas Sands has also been grappling with an unexpected problem: China's government is increasingly alarmed by the profligacy and gambling debt of its citizens. China recently imposed visa restrictions on mainland tourists to Macau, reducing the anticipated cash flow from Las Vegas Sands' Asia operations. According to Daniel Renshaw, a Sydney-based gaming analyst with Merrill Lynch, these twin challenges will be difficult to surmount. "They are relying on an increase in revenue in Las Vegas and Macau over the long term," says Renshaw. "That seems...
...financial challenges the next Administration may face, perhaps the most dangerous - and least appreciated - is deflation. The stunning decline in the price of oil gets the business headlines - and has a good-news feel as it helps cash-strapped American consumers the most - but the cost of an entire range of commodities has also plunged in the past quarter: copper, gold, nickel and steel have all fallen as global demand has weakened. One popular gauge of commodity prices, the Reuters CRB Index, tumbled 22.3% in October, the biggest drop in the index's 48-year history. (See pictures...
International growth markets offer another fresh source of cash. New sponsors in Asia and the Middle East poured close to $60 million into the sport this year; plans to introduce Grand Prix in Abu Dhabi, South Korea and India over the next three years will boost interest further. Lewis Hamilton surely counts on racing around those circuits. If costs come down enough, Fisichella will hopefully be right beside...
...Short of ideas and running low on cash, Republicans are in need of new leaders. South Carolina party chair Katon Dawson, a probable candidate for the national chairmanship, will be hosting a meeting of state leaders in Myrtle Beach later this month. Republican governors, a group that includes such potential 2012 presidential candidates as Sanford, Utah's Jon Huntsman Jr. and Louisiana's Bobby Jindal, plan to meet in Florida. Social conservatives, a faction that Mike Huckabee is positioning himself to lead, were scheduled to caucus in Virginia. No one is quite sure yet whether Palin will become the darling...