Sands International Ventures Are Key For 2010
While Wall Street suspects that stock for the casino industry will underperform in the first half of the year, they have suggested that Las Vegas Sands (LVS: 19.58 +1.24%) may be a stock to watch for 2010.
The gaming company holds a strong presence in Las Vegas, with two hotel casinos and a convention center and although some believe that convention bookings are looking up in the new year, in 2009 the lack of tourism and increasing supply has left them struggling along with other casino operators on the strip.
However many analyst believe that the companies international exposure will favor well for them.
Last month Sands launched their initial public offering on the Hong Kong Stock Exchange raising $2.5 billion. Proceeds are being used to resume construction on three stalled projects on the Cotai Strip. Sand’s currently owns about 70% of the Macau market.
Macau is not the only venture under way for the casino operator; in the first quarter of 2010 they are expected to open Marina Bay Sands in Singapore after a years delay. The project was originally estimated to cost $3.6 billion however because of the delays it is now projected to be $5.4 billion.
Sands focus in this region could potentially be a big event for the casino as they are competing with just one other casino which is also expected to open early next year.
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