Thanksgiving Week Starts off Slow For Las Vegas Sands Stock

Nov. 24, 2009 - PRLog -- Thanksgiving week is not always the best time for US stocks, and on Monday, US-based gaming stocks had a slow day. Las Vegas Sands, fresh off of an Asian initial public offering, had little response from investors in the US.

Sands stock actually dropped in early week trading by 1.90%. The $16.04 price still represents a much better situation that the company was looking at for much of the early part of 2009.

Sands had followed Wynn Resorts' Asian IPO with one of their own. Wynn raised $1.6 billion, while Sands exceeded that price. The $2.5 billion raised by Sands was higher than Wynn, but not anywhere near the company's projection of over $3.5 billion.

Asian investors had grown concerned about the path of the Wynn stock on the Hong Kong Stock Exchange. Wynn stock started strongly, but tailed off in the last couple of weeks. Wynn stock in the US was down less than one percent, closing Monday at $63.78.

Other US gaming stocks that were down on Monday were Boyd Gaming and Melco Crown, at $8.57, and $4.27, respectively. MGM Mirage and Pinnacle Entertainment had slight increases, closing at 410,76 and $10.98.

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