Sunday, January 18, 2009

Las Vegas Sands: A big rise, a big fall - Las Vegas Sun

More at Las Vegas Sun: “Las Vegas Sands was once the envy of Wall Street. In fall 2007, with seemingly unlimited growth prospects in Macau, the most lucrative gambling market in the world, the company’s share price topped out at nearly $150.

Founder and Chief Executive Sheldon Adelson’s personal fortune rose with the company’s. On the strength of his stake in Las Vegas Sands, his net worth reached an estimated $28 billion, according to Forbes’ list of richest Americans in 2007.

Adelson, the combative son of a cabdriver, peaked at No. 3 on that list and had his eye on the top spot, held by Microsoft founder Bill Gates.

But then came the fall, a drop so fast and long that even in this era of suicidal reversals on Wall Street, Sands stands out.

The company’s market value plummeted more than 90 percent”

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