Junk-rated Las Vegas Sands Corp., the casino operator controlledby billionaire Sheldon Adelson, is getting investment-gradetreatment from banks as cash flow from its properties in Asiaoutpaces those in the U.S.

Lenders participating in a S$4.6 billion ($3.6 billion) creditfacility dropped demands that the Las Vegas based company use anyexcess cash at the end of its financial year to reduce the loan'soutstanding balance, two people familiar with the matter said onJune 4. Typically, only high-grade borrowers are awarded suchterms.

The perception of Las Vegas Sands's credit quality is improvingas its Asian casinos benefit from economies in the region that areexpanding faster than the rest of the world. The company said itsfirst-quarter casino revenue in Singapore, where it runs the2,561-room Marina Bay Sands, increased 51 percent to $701.3million, almost 4.5 times the $158.7 million of revenue from itscasinos in Las Vegas.

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