Las Vegas Sands tops the Street.com polling

Oct 12, 2009 7:12 PM
by Ray Poirier | Users of TheStreet.com financial news website have voted Las Vegas Sands Corp. as the casino stock that is "worth the gamble."

And the balloting wasn’t even close.

LVS polled 51.3% of the vote, easily distancing itself from second-place Wynn Resorts Ltd. that received 21.2% of the tally.

Not surprising, of course, is that both gaming stocks are prominent developers in Macau, the Chinese enclave that has become the world’s premiere gaming location.

Las Vegas Sands is planning an initial public offering (IPO) of some of its Macau assets just as WYNN recently completed. Wynn Macau Ltd. was regarded as a huge success as investors pushed the stock up more than 13 percent on the first trading day. The shares later fell back to a level that was some 6 percent higher than the opening price.

The positive response to the initial public offering (IPO) came as a surprise to some investors who noted that in recent weeks IPO’s had not fared too well in Hong Kong trading.

Looking to capitalize on the Macau gaming craze is Adelson who soon is expected to offer on IPO on his Las Sands Corp.’s holdings in Macau. He hopes to generate enough cash to provide the necessary funding for his Macau Cotai Strip development.

Reviewing his analysis of LVS shares, Jeffrey Logsdon of BMO Capital Market announced last week that he expects that the company’s Macau involvement will boost the company’s revenues and ease its full-year fiscal loss to one penny from his previous assessment of a loss of $0.06 per share.