Sands Storm: Las Vegas Giant in Trouble

Las Vegas Casinos Feel Economic Pain

The company could also try to renegotiate its loan agreements, but that's hard to do today given the state of the credit markets, Kapoor said.

"All would have been great and hunky dory were the credit markets not frozen," he said.

Sands has casino developments planned or already underway in Macau, China; Bethlehem, Pa.; and Singapore. Kapoor said that the company's financial straits may sideline one or more of those projects. That's a big problem, he said, in an industry where developing new properties and upgrading existing ones is key to success.

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"To stay relevant, you have to have other projects in the pipeline, build quickly and build better than the guy next door," he said.

If Sands ultimately does postpone or halt some projects, it won't be alone: MGM already has announced it is postponing developments in Las Vegas and Atlantic City, while Boyd Gaming is delaying its own Las Vegas project.

Among the biggest losers to emerge from Las Vegas' losing streak is Sands CEO Sheldon Adelson, who recently invested $475 million of his own money to bolster the ailing company.

The billionaire has lost at least $16.6 billion this year thanks to his Sands holdings, according to analysis by Steven Hall & Partners, a compensation-consulting firm in New York.

Part of the reason for Adelson's massive losses is his out-sized investment in the company: Individually and through family trusts, Adelson owns nearly 70 percent of Sands -- much more than other big-time, billionaire CEOs.

For instance, legendary investor Warren Buffet's holdings in Berkshire Hathaway amount to a 28 percent stake in the investment company while Larry Ellison, the CEO of the software company Oracle, has a 22.6 percent stake in his company.

Why is Adelson's stake so large? Steve Fischer, the author of the 2005's "When the Mob Ran Vegas" and the upcoming "Showgirls' Stories," said it's about ego and control.

"Sands Corp is him," Fischer said in a recent interview. "He thinks of Sands Corp. the same way he thinks about himself -- there are no other decision makers."