Sands China caught in Dubai turbulence
China Daily | Updated: 2009-12-01 08:02
Sands China Ltd, controlled by billionaire Sheldon Adelson, tumbled as much as 15 percent on its first day of trading in Hong Kong after Dubai World's possible default hurt investor confidence.
Las Vegas Sands Corp's Macao unit, operator of the world's biggest casino by floor area, closed down 10.9 percent to HK$9.25, after earlier falling as low as HK$8.78. Sands China raised HK$19.4 billion in the city's biggest initial public offering this year.
The company and parent Las Vegas Sands sold a 23.2 percent stake in its Macao business to repay loans and resume construction of a 13.3 million sq foot casino-resort in the world's biggest gambling hub.
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