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Las Vegas Sands Stock Trouble!

Posted on October 24th, 2008 in Las Vegas Sands,Sands,Sheldon Adelson by vegaslate

Las Vegas Sands Stock Trouble

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.

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