Las Vegas Sands Raises $2.5 Billion on the Hong Kong Stock Exchange

On November 30, 2009 Las Vegas Sands' Macau unit debuted on the Hong Kong stock market. The offering raised $2.5 billion but the shares dropped more than 10% on opening day. The drop was not a surprise because the offering was the last of four casino stocks to be listed on the exchange. In October shares of Wynn Macau raised $1.63 billion but those shares have since dropped below their IPO price.

According to Businessweek, the funds will be used to restart construction on the properties in Macao, plus a portion of the proceeds from Las Vegas Sands' 23.2% stake will be used to help fund the $5.4 billion Marina Bay Sands set to open in Singapore in the first half of 2010.

Las Vegas Sands' stock closed at $15.32 on November 30, 2009 which was near the top of its 52-week range.

John Laub is the CEO/Founder of the CEO-CFO Group..

1. "Las Vegas Sands' Hong Kong IPO Flops." Frederik Balfour. Businessweek. November 30, 2009.

2. "Las Vegas Sands Shares Tumble on Debut." AFP. November 29, 2009.