With the economy is going down the tubes, casino properties are being badly squeezed; publicly traded casino operators MGM Mirage and Las Vegas Sands are down 90% and 96% from their highs just 1 year ago! These things also look like they are already pricing in a severe recession - or even a depression - suggesting that investors are worried they will even be able to survive.
LVS is expanding by developing its Cotai Strip project in Macao,, building the Marina Bay Sands in Singapore, and opening the Sands Bethlehem in May 2009. As a result, the company is swimming in more than $10 billion in debt, dealing with rapidly slowing economy, and facing an unforgiving credit market. LVS's expansion came too hard at the wrong time and will result in the crippling of this company.