Las Vegas Sands Looks for a Jackpot
By Kavitha Shastry NEW YORK (Reuters) - Rolling the dice at a craps table or wagering a paycheck playing poker may not be the most rational use of money, but one casino operator is hoping investors will find its stock a better bet. The highly anticipated initial public offering from Las Vegas Sands Corp. (LVS.N: Quote , Profile , Research ) is expected to price on Tuesday and could benefit from recent interest in the industry, which has soared amid a slew of new deals and heightened popularity for Las Vegas. "We're entering a period of new valuation for gaming," said Marc Falcone, an analyst with Deutsche Bank Securities Inc. "That's ultimately benefiting all companies, including Las Vegas Sands who probably will ... achieve a premium valuation with respect to some of the other gaming companies." Assuming the deal prices at the midpoint of the expected range, the company would have an initial market capitalization of $7.35 billion. Sands currently owns and operates the Venetian Casino Resort and the Sands Expo and Convention Center in Las Vegas and the Sands Macao Casino in Macau, China. The company is also developing the Palazzo Casino Resort, which will be connected to the Venetian in Las Vegas and the Macao Venetian Casino Resort in Macau. The company filed for an offering of 23.8 million shares in a range of $20 to $22 per share. VIVA LAS VEGAS The offering comes at a time when casino stocks have profited from what experts said is a move to establish Las Vegas as more than just a gambling venue. Last month, MGM Mirage (MGG.N: Quote , Profile , Research ) announced plans to open a $4 billion casino and condominium complex in the city, which will include residential housing and luxury shops. Continued ...
Quelle "Las Vegas Sands Looks for a Jackpot" : reuters.com
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