Person: Las Vegas Sands to detail plans next week

The person did not elaborate and requested anonymity because the plan had not been finalized.

The company told the Securities and Exchange Commission in a filing Thursday that it may violate promises it made to lenders and default on $3.8 billion in debt Dec. 31 if its operating earnings this calendar year don't equal at 1east 13 percent of net debt, which subtracts cash on hand. The debt at issue is a credit facility secured by the company's Palazzo and Venetian casinos in Las Vegas and an attached mall and convention building.

A default could set off the company's collapse.

Las Vegas Sands said it has four options: It could boost earnings in Las Vegas, which likely would require big cost cuts and might result in layoffs. Or the parent company could cut spending on development around the world, raise financing to reduce the debt of the Las Vegas operations or contribute up to $50 million in capital to the Vegas operations, or a combination of all four.

As of December 2007, the company had $9.21 billion in long-term debt.

The company has an ace in the hole in the form of deep-pocketed founder and chief executive Adelson, 75, who with his wife Miriam Adelson, controls 67 percent of the company's shares.

In March 2006, Adelson raised $2.18 billion in cash by selling 180.8 million shares at $49.14 each. The Adelsons personally loaned the company $475 million this fall to avoid a funding crunch, and it is unclear how much cash the couple has left.

In an October interview with The Associated Press, Adelson said Las Vegas Sands was looking to raise $2 billion in debt financing from Asian banks to finish work on some Macau expansion projects.

The company also said last month that the Adelsons intend to participate in a capital raising program, along with an unnamed investment bank, but didn't reveal details.