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Casino Stocks Rise as Venetian Macao Traffic More Than Anticipated

05-Sep-2007, 05:59

Amid reports that the first few days of operations at Las Vegas Sands' Venetian Macao pulled in more visitors than expected, shares of the casino operator and its competitors rose on Tuesday. Helped by broader market gains, the sector also got a boost from reports of strong room rate increases for late September in Las Vegas.

Las Vegas Sands Corp. gained as one analyst suggested traffic at the huge new casino resort in China's gambling oasis averaged 85,000 visitors per day since opening a week ago, with more than 100,000 visitors per day during the weekend.

A report that Las Vegas Sands may be planning another big project may have contributed to the rally. According to sources, Las Vegas Sands Chairman and Chief Executive Sheldon G. Adelson is interested in locating a project similar to the Venetian Macao "in Thailand or anywhere that would allow it to incorporate casinos in the 'integrated-resort' development concept."



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