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Posted At : June 10, 2008 01:31 PM | Posted By : D McKee
Related Categories:
Macau,Sheldon Adelson,Politics,The Strip,Wall Street
It would appear that Las Vegas Sands -- whose stock hit a two-year low today -- has bigger problems on its plate than having opened two megaresorts (including the world's largest casino, Venetian Macao) during a recession.* The Motley Fool has picked Sands as one of five "deathbed stocks ... a handful of stocks that look like they might be headed six feet under, having recently dropped from two stars to the lowest one-star rating."
(*--Palazzo is actually the more problematic of the two, as BMO Capital Markets analyst Jeffrey Logdson wrote: "Whether in the form of fewer travelers and/or reduced vacation budgets or from fewer convention delegates, we cannot be optimistic about the outlook for Las Vegas for any of the major players." That part about "fewer convention delegates," of course, is the real kicker.)
Sands comes up short on two ratios that provide "an idea of a company's ability to pay its bills," meeting only 70% of the criteria for the so-called "quick ratio." It also notches a 1.98 on the Altman Z-Score, putting it toward the lower end of a spectrum in which "the company has a good chance of going bankrupt within two years." (A different Fool columnist, though, recommends Sands stock as "cheap," noting its recent decline.)
Maybe a newly blonde Sheldon Adelson should lay off settling old scores and mind the store, especially after the company came off looking so badly in the Richard Suen trial. At least he can always ring up Kirk Kerkorian for solace, as the Fool's metrics for General Motors, a former enthusiasm of Kerkorian's, are so bad they make Sands' look positively ruddy with good health.
Update: The Fool's not feeling much love for Melco PBL Entertainment, either. A -26% shift in the stock price over the last month landed it among "5 Stocks in a Tailspin."
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