Las Vegas Sands soars after talks with Singapore government
The Singapore Tourism Board said it’s seeking to “facilitate the success’’ of the project in downtown Singapore.
Las Vegas Sands rose us$ 4.38, or 88 %, to us$ 9.33 in New York Stock Exchange composite trading. It gained 92 % in Thursday, the biggest intraday increase since the Las Vegas-based company’s 2004 initial stock sale.
“The Singapore Tourism Board is monitoring the situation and is aware that the current uncertain economic climate may give rise to concerns,’’ the agency board said in an e-mailed statement. The tourism board said it was “working closely’’ with the company’s Singapore unit, Marina Bay Sands.
Talks with Singapore follow the casino company’s hiring of an investment bank last week to raise more capital with the help of billionaire CEO Sheldon Adelson. The stock fell 95 % this year through this week, compared with the 36 % decline in the Standard and Poor’s 500 Index.
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