Las Vegas Sands Rises On Approval Of Hong Kong IPO

NEW YORK (AP) — Shares of Las Vegas Sands Corp. rose Friday as the casino operator received approval for its Hong Kong initial public offering and investors latched on to upbeat comments made by CEO Sheldon Adelson.

Earlier in the day a person familiar with the situation said Las Vegas Sands won approval from Hong Kong's stock exchange to list shares of its Macau casino business. The move is anticipated to raise $2 billion or more to help the casino operator reduce its debt and restart a casino-resort project on the Chinese enclave. The IPO, which is expected later in the year, would come after Wynn Resorts Ltd.'s Hong Kong IPO launched earlier this month.

David Bain of Sterne Agee believes the Hong Kong IPO is a big near-term catalyst.

"We believe Las Vegas Sands will be able to complete its Hong Kong IPO for a portion of its Macau assets" and do so at a solid stock price, he wrote in a client note.

Bain maintained a "Buy" rating and boosted the casino operator's price target to $26.50 from $24.50