Shares of Las Vegas Sands Corp. (NYSE: LVS) were up more than 6% in today�s trading. The stock saw huge activity in early trading, with volume at 26.15 million. It reached a high of $21.27 and at last check was up 6.80% to $21.20.
On Thursday, Moody�s Investor Service raised its outlook for Las Vegas Sands Corp. to �positive� from �negative.� The move came on the back of strong initial openings of its Marina Bay Sands resort in Singapore. Also, on Thursday, the company announced that it completed a $1.75 billion project financing. The financing will be used for the completion of construction on the combined Shangri-La Traders, and Sheraton resort complex at Las Vegas Sands�s COTAI STRIP development in Macau.
The stock has been active on Moody�s raised outlook. But, the two developments from yesterday also highlight the growing realization among casino companies to strengthen their presence outside Las Vegas. More specifically, the casino companies are looking at the Macau market for future growth. This makes a lot of sense as the number of millionaires in Asia, and specifically in China has been increasing at a faster pace than in the rest of the world. These millionaires are the ideal high rolling customers for casino companies. No wonder then that most big casino companies are now looking east wards.
The Las Vegas Sands stock has gained more than 30% year-to-date. However, positions in the options market show that traders are bearish on the stock. The stock has a 52-week range of $6.32-$26.57. It has a very high beta of 4.44, which implies extreme volatility. The stock has 8 Buy and 2 Outperform ratings against 7 Hold and 1 Sell ratings. Currently, the stock is above its 50-day and below its 200-day moving averages.
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