Sheldon Adelson, founder and owner of Las Vegas Sands (LVS), won $690 million on December 15 2004, in the most profitable initial public offering (IPO) in the American gaming industry.
Las Vegas Sands is the company that owns the [aid:venetianresorthotelc label:Venetian Hotel & Casino] on the Las Vegas Strip and Sands Resort in Macau, a former Portuguese colony, nowadays reinstated to China.
The company sold nearly 24 million shares, that sum as little as 6.8 percent of LVS. According to some financial analysts, being such a tiny percent, it certainly put a pressure on the price, that went up 60%. "Today's price was a matter of supply and demand," said John Futrell of Futrell Financial Management on Wednesday. "Too little supply and a lot of demand. The fact that so few shares were available influenced the price." LVS set an opening price of $29 per share Tuesday evening; it is probably worth mentioning that bankers involved in the sale prophesied an initial price between $24 to $26, prior to the IPO. However, the stock priced at $36.01 when the market opened and reached a high of $49.45 by 1 p.m. EST, when it started to scale back.
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