Las Vegas Sands see profits blowing away


I wrote recently about the woes of MGM Mirage (MGM), and it comes as no surprise that other companies in the gaming industry are also rolling snake eyes. Las Vegas Sands (LVS) is highly leveraged, with turmoil in the front office, and a tall stack of chips invested in dicey real estate development.

Controlled by majority stockholder Sheldon Adelson, Las Vegas Sands has seen its stock fall from a 2007 high of $109.45 to under $5 today. Adelson injected another $1 billion into the company last year, including $475 million that allowed the company to meet the terms of its $5 billion line of credit.