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Article: Las Vegas Sands Founder to Sell Shares
- Article from:
- AP Online
- Article date:
- February 15, 2006
- Author:
CopyrightThis material is published under license from the Associated Press. All inquiries regarding rights should be directed to the Associated Press. (Hide copyright information)
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RYAN NAKASHIMA, AP Business Writer
AP Online
02-15-2006
Dateline: LAS VEGAS
Las Vegas Sands Corp.'s founder and chief executive, Sheldon G. Adelson, plans to sell some $2 billion worth of personal shares in the casino-resort operator, just as the company announced fourth quarter net profit rose 59 percent.
The sale proposal, disclosed Tuesday in a filing with the Securities and Exchange Commission, sent company shares tumbling 5.6 percent, or $2.81, to $47.60 in after-hours trading. Before news of Adelson's sale plans, Las Vegas Sands shares rose 16 cents on the New York Stock Exchange.
Adelson was listed in the filing as offering to sell 42.8 million shares, reducing his personal stake in ...