Las Vegas Sands Hits All-Time Low of $2.13 a Share

A year ago Las Vegas Sands Corp. (NYSE:LVS) shares were over $90 and today LVS shares hit $2.13 before ending the day after-hours at $2.23.  Where's the bottom for the Casino Stocks?

If the House always wins, don't bet on the Sands, at least not yet.  Las Vegas Sands got hit twice today, first by Wynn Resorts (NASDAQ:WYNN) poor earnings call then by Jeffrey Logsdon of BMO Capital Markets comments on Macau and our horrible U.S. economy impacting LVS.  None of it good and all of it continues to damage Las Vegas Sand shares, in the last 30 days shares have fallen 36% and their market cap is now down to $1.39 billion.  The take from gamblers on the Las Vegas Strip fell 23 percent in December compared with a year earlier.  Bottom line, Gamblers are running out of money and investors are concerned about bankruptcy, thus $2 a share for the Sands.  What a great time to run off to Vegas, get Married and have the time of your life, you have go to love Las Vegas weddings.

Some of the recent analyst take shows firms dropping their target prices more and more on LVS, so how low can it go?

The Sands, like everyone else has been pinched as consumers cut their discretionary spending due to the ongoing housing slowdown, increasing food costs, diminishing credit and unemployment concerns.

Those in the Macau market, like Las Vegas Sands (LVS), MGM Mirage (MGM) and Wynn Resorts Ltd (WYNN), have also had to deal with tightened visa restrictions over the past several months.

Jeffrey Logsdon of BMO Capital Markets now anticipates a 2009 loss of 33 cents per share for Las Vegas Sands. He previously forecast a loss of 24 cents per share for the year.  The analyst maintained a "Market Perform" rating and $7 price target but with shares at $2, do you feel good about pulling the trigger?

Here's an idea, head down to Vegas and put $2 in a slot machine and let it ride.  Can't get to Vegas?  No problem, just pony up $2 for a share of LVS and let it ride.  I'm willing to bet the odds of winning are damn close when comparing a slot machine vs. buying shares of LVS. 

However now we are talking about gambling and with the Sands at $2, I'm sure many investors are willing to gamble a few bucks on LVS, its tempting, provided they don't go Chapter 11 or 7.  But hey, it's only $2.  So you just have to ask yourself, are you feeling lucky, well are you? 

Disclaimer: No positions in any of the securities mentioned in this publication.