Did Las Vegas Sands Officials Sell Stock On Insider Information?
Las Vegas Sands Corporation (NYSE:LVS) announced its quarterly earnings on July 26, 2012, which came in much lower than analysts had anticipated and led to a drop in the company's shares.
This doesn't look to have been much of a shock to insiders at the company, though, as in the weeks leading up to the quarterly report, there was heavy insider stock trading among the officials.
According to Reuters, the hotel and casino company owned by billionaire Sheldon Adelson said it struggled with slowing demand in Asia, and that its results from the Marina Bay Sands property in Singapore were a "substantial miss," as were results from the company's Macau and Cotai locations.
"Macau growth is slowing down a little bit and there is increased competition," said Gregg Klein, an analyst with Imperial Capital. "Sands Cotai has taken longer to ramp up than anyone expected, including them."
These problems were likely known to George Tanasijevich, CEO of Marina Bay Sands, who sold on July 2 6,555 company shares valued at $43.06 each, walking away with $282,240.
Do you think company officials are still performing insider trades?
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