The newly-listed Macau-based operations of Las Vegas Sands Corp. (LVS) saw its debut on Hong Kong's Hang Seng Index ending with a 10.2% slump, closing at HK$ 9.32. It opened the day with its IPO price of HK$ 10.38.
Sands China had earlier stated that it planned to use money gained from its recent IPO to complete construction work of the company's Cotai strip project -- an integrated resort and casino. It plans to invest about HK$ 3.88 billion of its HK$ 19 billion IPO money for the project which was stalled when the global economic crises erupted.
LVS currently operates three casinos in Macau namely The Venetian Macao, The Sands Macao, and The Plaza Macao which houses both The Four Seasons Hotel Macao and The Plaza Casino. With the completion of its Cotai Strip project, LVS aims to boost its gaming market share in Macau to over 30%. LVS currently accounts for 24% of Macau's total gaming market.
Sourced from China Daily
