J.P.Morgan Investment Banking Pitch Book
KEY TRANSACTION CONSIDERATIONS
Top strategic candidates (cont'd)
Strategic rationale
JPMorgan
relationship
Assessment of
actionability
Sands
LAS VEGAS SANDS
CORPORATION
Asset quality and international focus fits with LVS
strategy
■ Potential synergies in bringing high roller business
to Bahamas
May see opportunities to add convention
component to portfolio of projects
Direct access to Sheldon Adelson
Co-lead in $794mm IPO
Significant credit relationship through corporate
credit facility and recent Macau financing
Will seriously evaluate opportunity independently
(i.e. no partner)
■ Prefers development over acquisition but will focus
on future development opportunities
Financially capable
■ Not concerned with accretion/dilution, given lack
of earnings
JPMorgan
HYATT
Owner and operator of large resort destinations
around the world
Hyatt Gaming operates destination casinos in four
countries including the Carribean
Currently building out a full lodging platform (e.g.
Hyatt Place, Summerfield)
■ Direct access to Pritzker family
Sole bookrunner on $325mm unsecured bond
offering
Financially capable but sensitive to valuation
May look for a partner
GENTING
■ Large Malaysian conglomerate that owns a $3bn
destination resort and gaming business
■Owns Star Cruises, the 3rd largest cruise operator
in the world
■Kerzner portfolio represents good strategic fit and
expands resort platform worldwide
■ Provides hedge for Singapore casino on Sentosa
Island
Direct access to KT Lim
Sole bookrunner on $180mm senior convertible
notes (Star Cruises)
Sole bookrunner on $100mm equity rights offering
(Star Cruises)
Joint-bookrunner $300mm senior convertible notes
■Will seriously evaluate opportunity independently
(i.e. no partner)
KERZNER INTERNATIONAL 17View entire presentation