Last week, Las Vegas Sands announced its amendment to a credit facility. Today, the company has stated that it will be paying off its outstanding debt of $1 billion which will happen later this week.

The company experienced a great deal of difficulty as the recession saw far less people spending money at casinos. Las Vegas Sands owns a vast majority of the gaming property in the city, so it was no wonder that the casino would be hard hit by the global financial crisis.

As the economy began to recover, the company took a huge risk by launching its Macau casinos. While seemingly irresponsible, the decision actually helped the company turn a profit for the first time in months. Rather than losing 34 cents per share as it had in 2009, its shares had only decrease by a penny this time around – thanks to the profitable business opportunities that the new venture provided.

After the $1 billion is paid off, Las Vegas Sands will receive the London Interbank Offered Rate, which is the cost that banks charge each other for short term loans. This is certainly a step in the right direction for the Las Vegas Sands, and it will be great to see the company continue to prosper for years to come.

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