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LAS VEGAS — Las Vegas Sands is denying a report from an Israeli newspaper that it will exchange stock to buy 35 acres on the Las Vegas Strip. The property is owned by developers planning to build a casino resort modeled after the Plaza Hotel in New York.
Las Vegas Sands spokesman Ron Reese said on Tuesday that the report was not true.
Deutsche Bank analyst Bill Lerner said in a note to investors that such deal would put Sands in a position of issuing more stock for a future project when it has had trouble financing projects already in its pipeline.
Elad IDB, which owns the land that used to be home to the New Frontier hotel-casino, has said it will not break ground until sometime next year.
Sands' shares were down 17 cents, 2 percent, to $8.31 in afternoon trading.
© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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