Las Vegas Sands (LVS) Chairman and Chief Executive Sheldon Adelson isn't done buying, yet. Following $23 million in purchases (see, "Las Vegas Sands CEO's $23 Million Buy," April 1, 2009), Adelson purchased an additional 4.7 million shares on March 31 for $14.2 million, or $3.01 a share.
He now holds 343.1 million shares, both directly and indirectly, or a 52.5% stake in Las Vegas Sands.
News of Adelson's second purchase, which was filed on Thursday, came as the gaming sector was soaring. An executive in Las Vegas Sands' Asian division hinted that the company was still in the early stages of talks with possible investors. That encouragement, coupled with Adelson's buy, helped to push the stock up as high as $4.44, before it closed at $3.90, 21% higher than Wednesday's close.
The stock was also helped by the general bullish sentiment in gaming, as The Wall Street Journal reported that rival MGM Mirage (MGM) was close to getting a much needed capital infusion from real estate firm Colony Capital. The fresh cash would keep City Center, MGM's troubled joint project with Dubai World, out of bankruptcy.
On Friday, shares of Las Vegas Sands rose 8 cents to $4.48.
online.barrons.com
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