Las Vegas Sands Corp. (NYSE: LVS) has just re-opened for trading after being halted all day. After the news today it is of little surprise that the stock is being hit hard after the severe discount of its new financing package. This stock opened at $6.50 and 10 million shares traded hands as of 12:56 PM EST. They are now at $6.40.
We previously noted the financing package was a two-sided issue, but now the company said its board of directors approved this without shareholder approval to avoid further damage from delay. The Chinese have also apparently said that they are not going to rescue the Macau operations if needed. Why would they? They could get it for free without using a totalitarian seizure.
Jon C. Ogg
November 11, 2008