Casino Stocks Rally as Las Vegas Sands' CEO Buys ~8M Shares (LVS, MGM, WYNN)
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Casino and gaming stocks rose sharply today following reports last night that Las Vegas Sands' (NYSE: LVS) Chairman and CEO Sheldon Adelson purchased 7.839 million shares earlier this week. Adelson now controls 338.38 million shares of Las Vegas Sands, which currently has 641.84 million shares outstanding.
Shares of LVS gapped about 6% higher this morning on the insider purchases, but ended up surging more than 24% to $3.74 by the session close. The convicted buy also drew traders to the other major casino stocks today: shares of Kirk Kerkorian's MGM MIRAGE (NYSE: MGM) rose more than 12%, while Wynn Resorts (Nasdaq: WYNN) stock price jumped about 9%.
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