UPDATE 1-Las Vegas Sands seeks up to $3.35 bln in HK IPO

(Adds further details, background)

By Kennix Chim

HONG KONG, Nov 8 (Reuters) - Gaming company Las Vegas Sands (LVS.N: Quote, Profile, Research) is set to raise up to HK$25.95 billion ($3.35 billion) through an initial public offering of shares in its Macau business, according to sources with direct knowledge of the IPO.

The company is selling 1.87 billion shares at a price ranging from 10.38-13.88 HK$10.38 to HK$13.88 per share, the sources said.

The range gives an earnings price multiple of 13.5 to 16.5 times the business's 2010 projected earnings, they said.

Citigroup (C.N: Quote, Profile, Research) and Goldman Sachs (GS.N: Quote, Profile, Research) are the joint global coordinators for the offer. The banks are also bookrunners for the deal, along with BNP Paribas (BNPP.PA: Quote, Profile, Research) and Barclays (BARC.L: Quote, Profile, Research) and UBS.

The Nevada-based group, operator of the Venetian Resort in Las Vegas, is seeking to list its Macau division on the Hong Kong Stock Exchange to boost the value of it's overall business.

The gaming and casino company run by Sheldon Adelson has struggled with a heavy debt load, and is looking to seize on an opportunity to have a publicly traded division in Hong Kong at a time when the IPO window is open.

Fellow Las Vegas gaming company, Wynn Resorts (WYNN.O: Quote, Profile, Research), listed it's Macau unit earlier this month, raising $1.87 billion. (Reporting by Michael Flaherty; Editing by Greg Mahlich)