Volume Spike Investor

Las Vegas Sands Corp. (NYSE: LVS) is being slapped hard this morning.  In an SEC filing, the Las Vegas properties are not performing per the debt covenants and the company will now have to raise capital.  The recession is taking its toll on Las Vegas.  If the company doesn’t raise capital or doesn’t get waivers, then it will essentially go into default on its obligations.  Shares are down a sharp 24% at $8.88 at 9:59 AM.  We have also seen almost 13 million shares trade hands, well above the average daily volume.

MGM Mirage (NYSE: MGM) is down almost 5% at $15.32.  Wynn Resorts (NASDAQ: WYNN) is down over 5% at $44.91.

It looks like these guys are rolling snake eyes.

JON OGG

Nov. 6, 2008