LVS set an opening price of $29 per share Tuesday evening; it is probably worth mentioning that bankers involved in the sale prophesied an initial price between $24 to $26, prior to the IPO. However, the stock priced at $36.01 when the market New885.com opened and reached a high of $49.45 by 1 p.m. EST, when it started to scale back.
This was a record gain for American IPO’s this year and the best since Jet Blue in May 2002, that surged 67%.
LVS Chairman Sheldon Adelson, 71, owns an 87.9% slice of the company, while company managers and directors share together 5.3 %.
The money are to be invested in the development of The Palazzo – a $1.6 billion Beverly Hills-themed resort, additional to the Venetian and a $1.8 billion Venetian-style casino/resort in Macau. Palazzo will feature 3,000 suites and double the size of Venetian’s casino and retail space.