Las Vegas Sands (LVS) Down 30% This Week Despite CEO Investment

Shares of Las Vegas Sands (NYSE: LVS) have lost nearly 30% of their value this week. Amidst the slide, Las Vegas Sands' Chairman and CEO, Sheldon Adelson, decided it was time to put his foot down and make a convicted purchase, buying $475 million in convertible senior notes.

Pounding the table, Adelson commented on the status of Las Vegas Sands' operations: "While the credit markets are experiencing turbulence, our strategy remains alive and well and our business continues to march forward. Little of our fundamental business strategy has changed and this investment will strengthen our capitalization and liquidity position as we continue to execute our plans."

Yesterday, the market booed the investment as traders viewed the purchase as a signal that Las Vegas Sands could be having trouble raising cash using credit. The stock sold-off about 13% yesterday and a downgrade from Overweight to Equalweight at Morgan Stanley has sent the stock spiraling another 13% today. Morgan Stanley also downgraded Wynn Resorts (NYSE: WYNN) to Equalweight this morning.

Las Vegas Sands stock hit a new 52-week low today when its priced dipped as low as $26.81. At this time last year, shares of LVS were trading around a 52-week high of $148.76, marking an 82% decline since September of '07.

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

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