Dec. 4, 2006, 1:53PM
Las Vegas Sands Shares Win in Online Deal
? 2006 The Associated Press
NEW YORK ? Shares of Las Vegas Sands Corp. surged Monday after the casino operator reached a deal to launch an online casino and poker Web site for the United Kingdom market.
The agreement between a Las Vegas Sands affiliate and Cantor Gaming, an affiliate of bond brokerage Cantor Fitzgerald, will build a Web site featuring games such as blackjack, roulette, baccarat, video poker, slots and online poker. The site will use Las Vegas Sands brands including The Venetian, Sands, Palazzo, and Paiza.
While the site will not accept U.S. customers because of laws against cyber-gambling, the company did not say if it would accept bets from other countries either. It is expected to launch in the second quarter of next year.
Analyst Celeste Mellet Brown of Morgan Stanley sees the agreement as a way for Las Vegas Sands to capitalize on any change in the current ban on U.S. Internet gambling.
"If Las Vegas Sands can show that it can successfully identify customers and put socially responsible policies in place, then it would be in a strong position to argue the merits of a new regulatory framework," the analyst said.
Brown sees the deal giving Las Vegas Sands exposure to the Internet gaming market as well as a modest boost to near-term earnings.
Shares of Las Vegas Sands gained $5.91, or 6.5 percent to $96.61 in afternoon trading on the New York Stock Exchange. Earlier in the session, shares hit a new 52-week high of $96.97.
Las Vegas Sands Shares Win in Online Deal
? 2006 The Associated Press
NEW YORK ? Shares of Las Vegas Sands Corp. surged Monday after the casino operator reached a deal to launch an online casino and poker Web site for the United Kingdom market.
The agreement between a Las Vegas Sands affiliate and Cantor Gaming, an affiliate of bond brokerage Cantor Fitzgerald, will build a Web site featuring games such as blackjack, roulette, baccarat, video poker, slots and online poker. The site will use Las Vegas Sands brands including The Venetian, Sands, Palazzo, and Paiza.
While the site will not accept U.S. customers because of laws against cyber-gambling, the company did not say if it would accept bets from other countries either. It is expected to launch in the second quarter of next year.
Analyst Celeste Mellet Brown of Morgan Stanley sees the agreement as a way for Las Vegas Sands to capitalize on any change in the current ban on U.S. Internet gambling.
"If Las Vegas Sands can show that it can successfully identify customers and put socially responsible policies in place, then it would be in a strong position to argue the merits of a new regulatory framework," the analyst said.
Brown sees the deal giving Las Vegas Sands exposure to the Internet gaming market as well as a modest boost to near-term earnings.
Shares of Las Vegas Sands gained $5.91, or 6.5 percent to $96.61 in afternoon trading on the New York Stock Exchange. Earlier in the session, shares hit a new 52-week high of $96.97.
