Wall Street cheers
Sands Macau’s Pearl Room

Feb 8, 2005 12:50 PM

Wall Street reacted quickly Monday to the announcement by Las Vegas Sands Corp. (LVS) that the company had opened the Pearl Room at its Sands Macau Casino in the Chinese special administration region near Hong Kong.

The Pearl Room, described by the company as a luxuriously themed gaming room bedecked with sparkling pearl chandeliers, features 17,000 square feet of gaming space that is occupied by 40 gaming tables and 180 slot machines.

The gaming addition, the company said, is being manned exclusively by Macau residents who have undergone a special training course developed by the company.

With the added space, Sands Macau now has 360 table games and 848 slot machines.

Shares of LVS closed Friday at $47.60 each but jumped 2.7% at Monday’s opening, being quoted at $48.94 each. By the end of the trading day, the share price had climbed further to $49.13 with nearly 1.1 million shares changing hands.

THE INSIDER: In a statement filed early this month with the Securities and Exchange Commission, the directors of Wynn Resorts Ltd. (WYNN) voted executive bonuses that included $548,077 for Chairman and CEO Steve Wynn; $50,000 for Marc Rubinstein, senior vice president and general counsel, and $25,000 for CFO John Strzemp, The Strzemp bonus was in addition to the $150,000 bonus paid pursuant to his employment contract.

The Lac Vieux Desert Band of Chippewas has filed notice with the 6th U.S. Circuit Court of Appeals that it will oppose the sale of the MGM Grand Detroit Casino by MGM MIRAGE Inc. (MGG).

The Indiana Gaming Commission has hired a consultant to assist it in reviewing the casino license granted to Trump Hotels and Casino Resorts.

For fiscal year 2004, Nevada casinos showed a profit of $1.33 billion, the second highest number ever reported. The Nevada Gaming Control Board said the state’s 258 resorts had $3.89 billion in revenues before the usual taxes and other expenses.

Scientific Games Corporation (SGMS) said it will release its fourth quarter fiscal report at 1 p.m. PDT on Feb. 23.

Harrah’s Entertainment Inc. (HET) has announced the private placement of $250 million of senior floating rate notes.

Zoning approval has been granted for two new casinos in Vicksburg, Miss.