LAS VEGAS-Las Vegas Sands Corp. said Monday that its wholly-owned subsidiary Sands China Ltd. could raise as much as $3.58 billion from its initial public offering of up to 30% of itself on the Hong Kong stock exchange. The publicly traded casino operator intends to use the proceeds to repay debt and restart stalled construction projects in Macau.

Las Vegas Sands intends to offer as many as 2.057 billion shares of Sands China Ltd., including overallotments for somewhere between HK$10.38 and HK$13.88 each–$1.34 and $1.79. A sellout would generate between $2.756 billion and $3.579 billion and leave Las Vegas Sands Corp. with between 70% and 72% of the post-issuance capital based of Sands China Ltd.

Last week, Las Vegas Sands filed its required disclosure statement detailing the operations of Sands China, which holds the company’s operations in Macau. Competitor Wynn Resorts Ltd. completed a $1.87-billion IPO on the Hong Kong exchange for its Macau operations at the start of the month, within two weeks of filing the disclosure statement.

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