Las Vegas Sands stock plummets!
Las Vegas Sands stocks has fallen 29% today on worries about Sands capital under Sheldon Adelson.
Adelson’s family has put into Sands reportedly “$475 million … to strengthen its capital this month and help prevent it from tripping a U.S. loan covenant.”
Tripping? That’s not good news.
But Sands stocks have lost 94% of their value this year!
The Sands owns the Venetian and Palazzo in Las Vegas and are building a $12 billion complex in Macau, China, $4 billion Marina Bay Sands in Singapore and $800 million Sands Bethworks in Bethlehem, Pennsylvania.
Analysts interviewed by Bloomberg are not impressed.
The stock has shown what the market thinks. Sands is now at a mere $6.63 today. That leaves Wynn Resorts the biggest followed by MGM Mirage.
Adelson reportedly has suggested he may step down.
Las Vegas Sands,Sands,Sheldon Adelson