Maria Bartiromo's Investor Agenda
- Starbucks Brews Up Growth
- Are You Making These Costly Investing Mistakes?
- Prechter's Predictions
- The Silencing of Paul Volcker?
- CIT's Retail Impact?
- M&A: Signs of Strength?
- My Interview With White House Economic Adviser Paul Volcker
- The 'S' Word: Sustainable
- Transforming Businesses
- Live From CME Global Financial Leadership Conference
MOST SHARED
- AIG CEO Ready to Quit over Pay Constraints: Report
- Herbalife Vs. Hedge Funds
- Gold Hits Record High Above $1,115 as Dollar Slides
- Apple Surpasses Nokia as Top Cellphone Maker by Profits
- Bring on Tougher Regulation: S&P Owner
- 5% of Americans Plan to Buy a Home Next Year
- US Recovery to be Weak, Erratic: Top Fed Officials
- China Factory Output Leaps to 19-Month Highs
- Glaxo Wins FDA Approval to Sell H1N1 Vaccine
- 3 Safe Investments That Let You ‘Sleep Better:’ Strategist
- Beware of 'Trampling Effect' When Market Tops: Manager
- Gold Heading to $1150: Art Hogan
- Starbucks Brews Up Growth
- Farr: An Extended Period—No Fat Lady in Sight
- More Upside if S&P Passes This Number: Market Pro
- Murdoch Lashes Out At Google
- Fighting The Flu Vaccine Critics
- Nov. 10: Unusual Volume Leaders
- China Hints at Yuan's Departure From Dollar Peg
- AIG CEO Ready to Quit over Pay Constraints: Report
- Pay Caps Make it Hard for GM to Hire Execs: Whitacre
- Unemployment May Cause Loan Defaults in US: Zoellick
- Wal-Mart: Buy a BlackBerry, Get a $100 Gift Card
- US Recovery to be Weak, Erratic: Top Fed Officials
- Bring on Tougher Regulation: S&P Owner
- Retail Earnings in Focus Ahead of Shopping Season
- Ponzi Proceeds: Bidding on Madoff's Toys
MARIA BARTIROMO VIDEO
MARIA BARTIROMO'S NEW FREE NEWSLETTER
BUSINESSWEEK
RSS FEED
Text Size 
Senior Field Producer
Billionaire casino owner Sheldon Adelson (like “Saddle”) celebrated the grand opening of another casino yesterday. Not in Vegas but Bethlehem. Yes you’re reading this correctly, Bethlehem, Pennsylvania’s “Sands Casino Resort.”
When Sheldon spoke to Maria on "Closing Bell" he said regional casinos looks promising. Adelson said “I see the light at the end of the tunnel in our other properties, but right here at the Sands Bethlehem, it’s very gratifying to have opened the first Brownfield site that has been closed for about 15 years. It’s very gratifying we’re one of the few companies able to put 1,000 people to work here.”
Las Vegas Sands [LVS
Loading...
()
] IPO’d back on Dec. 15, 2004 at $29 a share. Now it’s under ten bucks a piece. That’s a 65 percent from its offering price.
 |
Source: S&P |
So far this year, it’s up more than 62 percent (although it was down 94 percent last year). Its competitors are not off to a good start, MGM Mirage [MGM
Loading...
()
] has dropped 47 percent and Wynn Resorts [WYNN
Loading...
()
] has declined 12 percent.
Adelson sees signs of a turnaround in Las Vegas, but says Macau is the next big growth spot for the company. The casino operator plans to raise funds to restart its $12 billion casino-resort project on Macau’s Cotai Strip. Adelson says, "We’re building what will be the largest building in the world almost 14-million square feed with 6,500 rooms and four different hotel brands."
When Maria and I traveled on assignment in China back in 2006, she made side trip to Macau. She visited Adelson’s casino there – not a lot of glitz, quite different than Vegas. What you saw were tables and tables. The casino goers there don’t necessarily look like they want the glitz, they just want to sit down and play. Adelson said “they like to play mahjong, they like to go out and challenge luck. That goes back for centuries in Chinese culture”.
The Macau project is currently about 60 percent finished.
_____________________________
_____________________________
Questions? Comments? Write to
Data is a real-time snapshot *Data is delayed at least 15 minutes