Burned by Las Vegas Sands

A long position in Las Vegas Sands looked like a hot trade, but so far all it’s done is burn Steve Grasso. Now what?

Fast Money’s ‘Governator’ made the fateful call on March 22^nd as a bet on Asia.

“The company was granted Singapore junket approval. That’s a catalyst. I would be a buyer,” he said at the time.

As it turned out, buying Las Vegas Sands about 6 weeks ago was like playing red while the roulette wheel landed on black – time and again – no winner here.

Since Grasso made the call – shares have declined almost 10%. Now what?

“The stock has held $50, and they are a great growth story,” says Grasso. “If you’re holding this stock, I certainly wouldn’t sell unless it breaks $50.”

* You can find our conversation about Las Vegas Sands about 2 minutes into this video clip.

______________________________________________________
Got something to to say? Send us an e-mail at [e-mail] and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our Web site send your e-mail to [e-mail].

Trader disclosure: On May 11, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Patty Edwards is long JWN; Patty Edwards is long BMO; Patty Edwards is long BKCC; Patty Edwards is long GLD; Patty Edwards is long INTC; Patty Edwards is long PVH; Patty Edwards is long JNK; Patty Edwards is long LQD; Patty Edwards is long T; Patty Edwards is long NKW; Patty Edwards is long MSFT; Jon Najarian is long GGLU; Jon Najarian is long DDMD; Jon Najarian is long CME; Jon Najarian is long CBOE; Jon Najarian is long CIGX; Jon Najarian is long call spreads in CNO; Jon Najarian is long call spreads in AAPL; Jon Najarian is long call spreads in SPLS; Jon Najarian is long call spreads in JPM; Jon Najarian is long call spreads in MSFT; Jon Najarian is long call spreads in VIVID; Jon Najarian is long call spreads in ARNA; Steve Grasso is long ASTM; Steve Grasso is long AVAV; Steve Grasso is long BA; Steve Grasso is long D; Steve Grasso is long FRO; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long NUAN; Steve Grasso is long MO; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long XLU; Steve Grasso is long ZAZA

For Glenn Schorr
Nomura Securities International, Inc has received compensation for non-investment banking products or services from the issuer in the past 12 months: JPM
Nomura Securities International, Inc had a non-investment banking securities related services client relationship with the issuer during the past 12 months JPM
Nomura Securities International, Inc had a non-securities related services client relationship with the issuer during the past 12 months JPM
A Nomura Group Company had an investment banking services client relationship with the issuer during the past 12 months JPM
A Nomura Group Company has received compensation for investment banking services from the issuer in the past 12 months JPM
Nomura Securities International Inc. makes a market in securities of the issuer JPM

For Michael Binetti
UBS AG, its affiliates or subsidiaries beneficially owned 1% or more of a class of the following companies' common equity securities as of last month`s end (or the prior month`s end if this report is dated less than 10 days after the most recent month`s end): JCP
The U.S. equity strategist, a member of his team, or one of their household members has a long common stock position in NKE
This company/entity is, or within the past 12 months has been, a client of UBS Securities LLC, and investment banking services are being, or have been, provided.: KKS
This company/entity is, or within the past 12 months has been, a client of UBS Securities LLC, and investment banking services are being, or have been, provided.: RL
This company/entity is, or within the past 12 months has been, a client of UBS Securities LLC, and non-securities services are being, or have been, provided.: KKS
This company/entity is, or within the past 12 months has been, a client of UBS Securities LLC, and non-securities services are being, or have been, provided.: RL
Within the past 12 months, UBS Securities LLC has received compensation from this company/entity: KKS
Within the past 12 months, UBS Securities LLC has received compensation from this company/entity: RL

Jonathan Chaplin
As of the date of this report, Credit Suisse Securities (USA) LLC makes a market in the securities of the subject company: S
As of the date of this report, Credit Suisse Securities (USA) LLC makes a market in the securities of the subject company: LEAP
As of the date of this report, Credit Suisse Securities (USA) LLC makes a market in the securities of the subject company: VZ
As of the date of this report, Credit Suisse Securities (USA) LLC makes a market in the securities of the subject company: T
As of the date of this report, Credit Suisse Securities (USA) LLC makes a market in the securities of the subject company: CLWR
As of the date of this report, Credit Suisse Securities (USA) LLC makes a market in the securities of the subject company: PCS