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Las Vegas Sands IPO a Big Hit

NEW YORK – As reported by the CBS MarketWatch: "Las Vegas Sands commanded a premium of about 50 percent over its IPO price Wednesday as investors bid up shares of the casino giant on the company's growth prospects in the U.S. and in China.

"As the richest initial public offering in a busy week, with $690 million in proceeds, Las Vegas Sands (LVS) priced 23.8 million shares at $29, above its $24-$26 range.

"The stock opened at $36.01 and jumped to $43 per share on strong volume of 6 million in recent action on the New York Stock Exchange.

"Earlier, the hotel and casino company raised its estimated price range from $20-$22 as investors piled on. Goldman Sachs led the underwriting on the deal.

"…Controlled by entrepreneur and Comdex founder Sheldon Adelson, 71, Las Vegas Sands is taking on rivals such as Harrah's and Wynn Resorts as Las Vegas hotels maintain one of the highest occupancy rates in any market in the U.S.

"…At its offering price of $29 per share, Las Vegas Sands kicked off with a market cap of nearly $10.2 billion for its 350.6 million total shares outstanding…"

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