11/28/2023, 10:44 PM (Source: TeleTrader)
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Las Vegas Sands drops after-hours after stock sale announcement

Las Vegas Sands Corporation announced on Tuesday that Miriam Adelson (pictured right) and The Miriam Adelson Trust will be aiming to sell $2 billion in company shares. Miriam Adelson was the wife of the now-deceased founder, chairman and chief executive officer of Las Vegas Sands, Sheldon Adelson (pictured left).

Over 41 million shares will be offered at $48.56 apiece and the casino company expects to buy back up to $250 million in shares, according to a filing submitted at the United States Securities and Exchange Commission (SEC). Miriam Adelson and her trust "intend to use the net proceeds from this offering, along with additional cash on hand, to fund the purchase of a majority interest in a professional sports franchise pursuant to a binding purchase agreement, subject to customary league approvals," the document showed.

The stock of the company fell by over 4% in after-hours trading following the announcement.

Baha Breaking News (BBN) / MS