Las Vegas Sands principal stockholder to sell $2B of stock
Shares of Las Vegas Sands (LVS) are trending lower after Tuesday's closing bell after it was announced that the principal shareholder, Miriam Adelson, is looking to unload $2 billion shares of the company. The casino-hotel operator claims that it won't receive any of the proceeds from the sale. Yahoo Finance Anchors Julie Hyman and Josh Lipton break down the latest developments from the company.
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Video Transcript
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JULIE HYMAN: We are watching shares of Las Vegas Sands, after the company said its largest shareholder was looking to sell $2 billion worth of the stock. The company says it will not receive any proceeds from the sale. By the way, the largest shareholder here is Miriam Adelson, of course, who is the widow of Sheldon Adelson. She owns, I think, 56% of the company. So $2 billion worth of company stock would be about 10% of the stake, and the company saying in a statement, she's interested in buying a sports team, although we don't know, or a stake in a sports team at the very least, although we don't know which one.
JOSH LIPTON: Yeah. So it sounds like they're not going to, they wouldn't receive any proceeds from the sale of shares, right, so but it has been advised per Dow Jones that the selling shareholders that they currently tend to use the net proceeds from the offering as well as cash on hand to fund the purchase of a majority interest in a professional sports franchise. But we don't know which one, to your point, Julie. Stock moving in the after hours, but year to date it's basically--
JULIE HYMAN: Not done much of anything.
JOSH LIPTON: Dead flat here, down about 1%. Although I will say on the street, 14 buys and zero sales. So some bullishness at least among the analysts.
JULIE HYMAN: Yeah, some of the company's fate has been bound up. Even though it's called Las Vegas Sands, it still gets a lot of its revenue from Macau in China, right. And there's been sort of a bumpy reopening of gambling in Macau. And of course, there are questions about the robustness of the Chinese economy. So that has informed the performance here.
So unclear how sustained an effect this would have on the stock. It seems like if it's falling this is a technical effect of her selling these shares. It's just an interesting story here. Adelson was a big figure in Las Vegas, in politics as well. And Miriam Adelson, who according to Forbes is the fifth richest woman in the world, there's a lot going on with Las Vegas sports and some teams moving around. So I don't know what she's a fan of. I guess we'll, I guess we'll find out.
JOSH LIPTON: We'll hopefully find out. That's the big question, which sports team.
JULIE HYMAN: Yes--
JOSH LIPTON: That's what we want now.
JULIE HYMAN: That's the big question.
