The most profitable IPO(Initial Public offering) in the American Gaming Industry was won by Sheldon Adelson, founder and owner of Las Vegas Sands. He won $690 million on December 15, 2004. Las Vegas Sands owns the Sands Resort in Macau and The Venetian Hotel and Casino on the Las Vegas strip. The company sold almost 24 million shares. LVS set an opening price of $29 per share, on Tuesday evening. The bankers had foreseen an initial price between $24 to $26 prior to the IPO. The stock was priced at $36.01 when the market opened and reached a high of $49.45 by mid-day. This is said to be a record gain for American IPO's and the best since Jet Blue in May 2002. Lasmanaquevivimos.com reports:
LVS chairman Sheldon Adelson, 71, owns as 87.9% slice of the company, while company managers and directors share together 5.3%. The money is to be invested in the Venetian-style Casino/resort in Macau.
Read More: Las Vegas Sands Corp. is IPO of the Year
Comments