Why Las Vegas Sands Stock Dropped After Hours
Portfolio Pulse from Ryan Gustafson
Las Vegas Sands Corp. (LVS) shares fell in after-hours trading following the announcement of a $2 billion secondary public offering of shares by Miriam Adelson and The Miriam Adelson Trust. The company plans to repurchase $250 million of the stock from the offering but will not receive any proceeds from the sale. The proceeds are intended for the purchase of a majority interest in a professional sports franchise. The Selling Stockholders will enter into a 365-day lock-up agreement post-offering.

November 28, 2023 | 10:41 pm
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Las Vegas Sands Corp.'s stock price declined after-hours due to the announcement of a $2 billion secondary offering by major shareholders, with the company repurchasing a portion of the shares.
The announcement of a large secondary offering typically dilutes existing shares, which can lead to a decrease in stock price. Although LVS is repurchasing some shares, the lack of direct proceeds and the lock-up agreement signal a significant change in share availability and potential shareholder concerns, likely causing the after-hours price drop.
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