Las Vegas Sands Stock Soars With News Of Hong Kong Listing

Las Vegas Sands has been one of the Nevada-based casino companies that has been hit hard on the New York Stock Exchange because of the economic recession. In the past year, the companies owner, Sheldon Adelson, has tried different approaches to help improve the stock price.

This past week, Sands made a move that caused their stock price to soar on Thursday and Friday. The company filed for a listing on the Hong Kong Stock Exchange. It is not yet known whether or not they will follow through with the listing.

"We believe this moves (Sands) one step closer to a cleaer path of much improving liquidity and balance sheet de-levering," said J.P. Morgan analyst Joseph Greff, in a research note.

Las Vegas Sands stock was up 6.07% on Friday. It closed the day at $13.99. It has been several strong weeks in a row for the stock, and with the Hong Kong news, investors may begin to show that they are comfortable with the direction of the company.

Las Vegas casino companies have been devastated by the crash in the US market. Revenue at the casinos has been down in the past year, with double digit declines in some months. That has caused investors to panick even more, sending the stock prices plummeting.

Other casino companies also had a strong day on Friday. Melco Crown was up 11.22%, to $5.85 a share, and Boyd Gaming also was up, although only 2.25%, to $10.46.

August 23, 2009
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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