Las Vegas Sands’ Stock Soars on Its First Day
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Shares of Las Vegas Sands Corp. surged 61% on Wednesday as the casino operator debuted on the New York Stock Exchange.
The stock closed at $46.56, up $17.56, after the largest initial public offering by a gambling business in the United States was priced at $29 a share Tuesday night, up from the company’s original target of $21.
The company, trading under the ticker symbol LVS, raised more than $690 million by selling 24 million shares.
Analysts say the Sands’ appeal rests on its plans in the two most lucrative gambling markets, the Las Vegas Strip and the Chinese enclave of Macao. It owns the Venetian resort in Las Vegas and plans a 3,000-room hotel/casino there called the Palazzo. It also owns a casino in Macao and plans another there.
In other IPO news Wednesday, Los Angeles-based Herbalife Ltd., which sells weight-loss and nutritional supplements, said it priced its new stock offering at $14 a share, below the projected range of $14.50 to $16.50.
Herbalife raised $203 million in the IPO. The stock will begin trading today on the NYSE under the symbol HLF.
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