LVS - Las Vegas Sands Corp

Las Vegas Sands Corp. is a casino operator, with the company being established in 1988. They started with the original Sands Hotel, which had to be demolished to make room for the new Venetian, in 1999. They are based out of Las Vegas, Nevada and are the largest gambling corporation of the world owning a lion’s share of the gambling market at $9.72 billion till mid 2009. Before the onset of the recession, it held a domineering capitalization of $43.7 billion, making Sheldon Adelson, its major shareholder, one of the world's richest men.

90% of LVS shares are owned by company employees, with Adelson as the leader at approximately 65%. The recession and the growing concern of financial health of businesses had a very negative effect on the capitalization of the LVS Corp-- as the capitalization declined to a mere $3 billion in 2008 from $49 billion in 2007.

The company bought two L-1011 aircrafts in 2008 and wished to use them as private jets to fly High-Rollers from Asia to the Vegas casinos. The luxurious aircrafts went into successful operation from the late 2008 and even has onboard games like baccarat, which can only be played, while flying over international waters and using credit, not cash. According to the Nevada Gaming Commission, no gaming tax will be levied on these wagers.

In 2008 the company's share values took a major hit as their prices sank to $4.70 from the previous year’s high of $122.96. With the looming threat of bankruptcy and default, CEO Sheldon Anderson and his spouse Miriam Adelson, loaned a sum of $475 million to the Las Vegas Sands Corp. An additional loan of $525 million was again received from the Adelson family in order to boost the operating capital and avoid bankruptcy.

Las Vegas Sands Corp. is presently working on opening several new casino resorts around the globe. In the Cotai Strip in Macau, China the Las Vegas Sands Corp. is building their newest casinos called The Venetian Macau. This is not their first venture into the gambling markets overseas as they already have casinos on the Cotai Strip like the Sands Macau. These overseas ventures have not been hit that badly by the recession and have generated more revenue than the Las Vegas Strip, making more investors look into investing with the company on their overseas ventures. The company is also looking to reap the fruits of this new gaming Mecca to the fullest.

www.gamblinginfo.com
19/08/2009
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