Sellers Relentless on Las Vegas Sands (LVS); Stock Down 15%

After opening today's trading session about 7% higher, shares of Las Vegas Sands (NYSE: LVS) are now down more than 15% but off the session lows. The stock has been absolutely hammered since the beginning of October, when its stock price was over $36. With shares of Las Vegas Sands trading under $5 today, the companies market value has fallen about 85% in less than one month of trading.

Despite attempts by Las Vegas Sands' CEO, Sheldon Adelson, to stabilize the stock by buying about $475 million in convertible notes, traders continue to relentlessly sell the stock amid consumer spending concerns. These worries were reinforced today when consumer confidence for the month of October came in at a record low of 38, which was well below the Street's estimate of 52.

Just after Las Vegas Sands' Adelson pounded the table on Vegas, an even more high profile investor, Kirk Kerkorian, disclosed that he was beginning to sell his shares of Ford (NYSE: F) in order to "focus on his investment in MGM MIRAGE (NYSE: MGM)", where he is the largest shareholder. Despite another vote of confidence for casino and gaming investors, the stocks have continued to plummet this month. Shares of MGM are currently down about 7% to $9.36 and the other top casino operator, Wynn Resorts (Nasdaq: WYNN) is down 6% to about $31.50.

Las Vegas Sands Corp. and its subsidiaries develop multi use integrated resorts worldwide.

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