Las Vegas Sands climbs as Adelson buys stock

Apr 3, 2009 8:42 PM
Staff & Wire Reports |

Shares of Las Vegas Sands Corp. (LVS) climbed Friday after the casino operator disclosed Chief Executive Sheldon Adelson recently bought about 4.7 million shares.

The news comes on the heels of the casino operator's announcement that it will probably restart Macau construction later this year.

A filing with the Securities and Exchange Commission on Thursday revealed that Adelson bought the stock on Tuesday for an average price of $3.01 per share, or around $14.1 million. The billionaire executive has purchased about 12.5 million shares in the last week.

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Also on Thursday, Las Vegas Sands indicated that it is in early discussions with potential investors about funding the rest of the work on its Cotai Strip projects. The casino operator halted Macau construction in November as credit tightened and revenue faltered amid a consumer spending pullback.

Las Vegas Sands' stock gained 12 cents, or 2.7 percent, to $4.52 in afternoon trading. Over the past year, the stock has traded in a range of $1.38 to $83.13.