{"id":1400,"date":"2009-11-24T13:26:40","date_gmt":"2009-11-24T21:26:40","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=1400"},"modified":"2009-11-24T13:26:40","modified_gmt":"2009-11-24T21:26:40","slug":"sands-ipo-bad-timing","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/sands-ipo-bad-timing\/","title":{"rendered":"Sands IPO: bad timing?"},"content":{"rendered":"

If Steve Wynn<\/strong>‘s stock float for his Macao<\/strong> properties hit the Hong Kong<\/strong> bourse at the optimal moment, the tortoise-like progress of Las Vegas Sands<\/strong>‘ offering comes at a price. Specifically, its $1.34 opening price is at the absolute bottom end<\/a> of Sands’ projected range. J.P. Morgan<\/strong> analysts critiqued the IPO launch thusly: “We think the lower end of the range is more a function of timing than anything else as we believe institutional investors were smaller in size than normal given the quickly approaching year end (recall the stock doesn\u2019t begin trading until <\/em>11\/30\/09<\/em><\/span>). That being said, we believe some upside was left on the table<\/em>.” (In an earlier report, they sounded skeptical of Sands’ ability to open Marina Bay Sands<\/strong> before April 2010. That project just falls farther and farther behind schedule. Cash flow projections suggest a 5.5% ROI in 2010 and 13% in 2011.)<\/p>\n

Even at a somewhat debased price, Sheldon Adelson<\/strong>‘s Hong Kong stock offering should raise $2.64 billion. The two unfinished Cotai Strip\u2122<\/strong> sites are expected to consume $1.84 billion of that. Back home, Adelson only has $16 million in his restricted cash balance that isn’t already pledged against Macao and Singapore<\/strong>. So it looks like completion of Sands Bethlehem<\/strong> isn’t going to happen anytime soon. Sorry, Pennsylvania.<\/p>\n","protected":false},"excerpt":{"rendered":"

If Steve Wynn‘s stock float for his Macao properties hit the Hong Kong bourse at the optimal moment, the tortoise-like progress of Las Vegas Sands‘ offering comes at a price. Specifically, its $1.34 opening price is at the absolute bottom … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[28,14,22,62,95,12,108,32],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/1400"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=1400"}],"version-history":[{"count":2,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/1400\/revisions"}],"predecessor-version":[{"id":1402,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/1400\/revisions\/1402"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=1400"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=1400"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=1400"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}