Las Vegas Sands Stock Improves After Auditor Claims Stability

Las Vegas Sands owner Sheldon Adelson has had to pull a few rabbits out of his sleeve to try and turn the fortune of the casino company. The roller coaster ride the company has been on began moving positively again on Monday.

On Friday, the company decided to sell common shares and in the process of doing so they raised $2.1 billion from investors. The money was enough for PriceWaterhouseCooper to deem the company financially stable for now.

In addition to the stability that came with Friday's move, the company now feels they have enough liquidity to complete some of their existing projects. Several of these projects had been put on hold.

"What happened on Friday has bought Sands some time. They should now be able to withstand the next year to year and a half of this rough economy, whereas before, they probably would not have made it," said observer Brian Longfellow.

Las Vegas Sands stock rebounded thanks to the news of Monday. They were up 3.4 percent late in the day. That is nowhere near where it was last December when the stock maxed out at $122.96, but it is an improvement over the lows the company experienced last week.

November 18, 2008
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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