NEW YORK (
) -- The returns are high today in the gaming sector, as shares of casino operators are rallying in afternoon trading.
One of the biggest gainers is
Las Vegas Sands
(LVS - Get Report)
, which upped its expectations for its Macau initial public offering.
Las Vegas Sands now predicts to rake in $3.35 billion from the deal. Sands said it will offer 1.87 billion shares, and forecasts an offer price between $1.34 and $1.79 a share.
If the Sands deal goes through, it would easily top rival
(WYNN - Get Report)
Macau IPO, which raised $1.87 billion in October.
Shares of Sands are climbing 7.3% to $16.46, on the news.
Wynn declared a special cash dividend of $4 on Monday, which sent shares up 4.8% to $62.61. The dividend is payable on Dec. 3 to shareholders of record on Nov. 19.
The company also said the board approved a regular cash dividend program, beginning in 2010. The regular cash dividend is expected to be 20 cents a share for the first quarter of 2010, payable in the second quarter.
In other casino-sector news,
CEO and Chairman Daniel Less unexpectedly resigned on Monday.
The company named Richard Goeglein as interim nonexecutive chairman and John Giovenco as interim CEO, as they search for a permanent replacement.
Analysts expect the interim replacements will help stabilize Pinnacle until a new CEO and chairman are named. But Lee's unexpected departure could translate to some uncertainty for shares going forward.
For now, however, shares are up 3.9% to $9.06 in afternoon trading.