Is a Consensus Forming Around Las Vegas Sands’ Sustainability? (LVS)
Today we officially pass the one month mark since Las Vegas Sands announced their utterly dilutive stock and warrant offering in an attempt to stave off bankruptcy. Considering the size of the deal and the audacity associated with bypassing the shareholders’ ability to have a say in the matter, investors should be pleased to see [...]
Las Vegas Sands Seeking Club Loan, Buffer Cash (LVS)
Reuters ran a story this morning with sources stating that Goldman Sachs (GS) is in talks to put together a syndicate loan for Las Vegas Sands subsidiary Venetian Macau Ltd., to the tune of about $1 billion. According to the story, the loan would be based on the lots 5 & 6 on the Cotai [...]
Las Vegas Sands Conducts Massive Offering; Should Raise $1.5B (LVS)
In one of most dilutive offerings we’ve seen in some time, casino & resort operator Las Vegas Sands today announced a major restructuring effort aimed at staving off the breaching of key loan covenants in the 4th quarter.
The massive offering includes the issuance of 181.8 million shares of common stock, and a package including 5.2 [...]
Las Vegas Sands Reminds Us of its Capital Countdown Clock (LVS)
Sheldon Adelson’s baby Las Vegas Sands (of which he’s a 64% owner) issued an 8K filing and auditor’s report in which it reminded us that if the company can’t obtain substantial capital by December 31, it will break several debt covenants. Should they break them, we’re in all-out equity destruction territory, or whatever your definition [...]
MGM Reports Earnings, Las Vegas Sands Finally Pops (LVS, MGM)
The gaming stocks are all up big today, as MGM reported earnings that were (expectedly) horrible but boosted by high-end customers at the Bellagio and Macau properties. MGM shares were up over 35% mid-day, but the real winner has been Las Vegas Sands by proxy; LVS shares are up over 90%.
Somebody big has been accumulating [...]
Performance Update: A Portfolio Divided, and 2 Dilemmas
The Secular Trends Model Portfolio briefly dipped below $80k before finishing the day at $804k…Currently the losses on the 6 worst holdings by performance (AA, FCX, POT, BTU, CAT, PBR) have been severe enough to destroy most of the little tidbits of alpha I was picking up on the other 16 positions. Basic Materials and [...]
Las Vegas Sands is the Stock Version of a Bruckheimer/Bay Flick (LVS)
I’ve been working hard to get a breakup value & earnings model going for Las Vegas Sands, but the input parameters keep changing by the hour. This casino operator with massive interests in Macau and Vegas is down over 90% in the past year, and I’ve long been a fan of the potential for value [...]
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- The Fuel That Fed the Subprime Meltdown (Written in September 2007)
- Performance Studies on the DJIA & Fundamental Value Stocks (11/22/08)
- Las Vegas Sands - Are They Sustainable in 2009? (Published 11/15/08)
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