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Sands Shares Soars In Debut

By Chuckmonster on Wednesday, 15th December 2004 10:04am
  » filed under Las Vegas  comments: 0

   

Shares of Las Vegas Sands Corp. surged 52.4 percent Wednesday as the casino operator debuted on the New York Stock Exchange and investors rushed to grab potential profit pipelines in Las Vegas and the Chinese enclave of Macau.

The stock rose to $44.20 in early trading Wednesday after pricing the largest public offering by a gambling company in the United Statesits at $29 per share Tuesday night, up from the original target of $21.

"This transaction confirms the strength investors have in the gaming industry," said Andrew Zarnett, casino industry bond analyst for Deutsche Banc.

The company registered 23.8 million shares, raising more than $690 million in the public offering.



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