MGM Sells Treasure Island - MGM, LVS Up Pre Market

The Casino Stocks are ripping higher this morning, 12/15/08, as MGM Mirage is selling Treasure Island Casino to Phil Ruffin. This news is causing many of the Casino Stocks to trade up in pre market. MGM is up 23%, Las Vegas Sands ( LVS ) is up 13%. Keep these two stocks on your radars today.

MGM MIRAGE (MGM) and Ruffin Acquisition, LLC today announced that they have entered into an agreement whereby MGM MIRAGE, through its wholly-owned subsidiary The Mirage Casino-Hotel, will sell Treasure Island Hotel & Casino ("TI") to Ruffin Acquisition, LLC for $775 million. Ruffin Acquisition, LLC is wholly owned by Phil Ruffin.

The purchase price is to be paid at closing as follows: $500 million in cash and $275 million in secured notes bearing interest at 10%, with $100 million payable not later than 175 days after closing and $175 million payable not later than 24 months after closing. The notes, to be issued by Ruffin Acquisition, LLC, will be secured by the assets of TI and will be senior to any other financing.

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Las Vegas Sands ( LVS ) Going Concern 11/17/08

Today, 11/17/08, Las Vegas Sands ( LVS ) has removed its going concern red flag.

Las Vegas Sands Corp. (LVS) today announced that it has reissued its 2007 audited financial statements as part of an amendment to its currently effective shelf registration statement on Form S-3. The reissued 2007 audited financial statements reflect that, in light of the company's recently completed $2.1 billion capital raise and the adoption of its updated development plan, the company believes that it has sufficient liquidity and capital resources to both fund its ongoing operations and to execute its updated development plan.

The filing also reflects an updated opinion by the company's independent accountants, PricewaterhouseCoopers LLP, reporting that as a result of management's recent actions, including the recently completed capital raise and the adoption of the updated development plan, the substantial doubt about the company's ability to continue as a going concern has been removed. No wonder someone bought 24,000 December calls last week!

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Las Vegas Sands ( LVS ) Shelf Offering

This morning, Las Vegas Sands ( LVS ) is out with " going concern " news which is causing the stock to fall sharply. LVS stock price is $8.60 in pre market, down 26%

LVS also filed a shelf offering


http://biz.yahoo.com/e/081106/lvs8-k.html

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