Earlier in the day a person familiar with the situation said Las Vegas Sands ( LVS - news - people ) won approval from Hong Kong's stock exchange to list shares of its Macau casino business. The move is anticipated to raise $2 billion or more to help the casino operator reduce its debt and restart a casino-resort project on the Chinese enclave. The IPO, which is expected later in the year, would come after Wynn Resorts Ltd. ( WYNN - news - people )'s Hong Kong IPO launched earlier this month.
David Bain of Sterne Agee believes the Hong Kong IPO is a big near-term catalyst.
"We believe Las Vegas Sands will be able to complete its Hong Kong IPO for a portion of its Macau assets" and do so at a solid stock price, he wrote in a client note.
Bain maintained a "Buy" rating and boosted the casino operator's price target to $26.50 from $24.50
News of Las Vegas Sands' Hong Kong IPO comes shortly after the company based in Las Vegas reported a wider third-quarter loss. The casino operator said late Thursday that its quarterly performance was hurt by softer gambling markets, higher taxes and costs from the development of a new Singapore resort
But Adelson said he was seeing strong signs that bad times might be turning around in Las Vegas because of a return of convention business and group bookings. His outlook sent the casino operator's stock up in aftermarket trading Thursday.
JPMorgan's Joseph Greff said in a client note that he was pleased to hear that group business bookings are returning to the company, which should bode well for MGM Mirage ( MGM - news - people ), which is reporting its quarterly results next week. The analyst reiterated an "Overweight" rating and $24 price target.
Las Vegas Sands' stock gained 91 cents, or 6.2 percent, to $15.67 in morning trading. The shares have traded in a 52-week range of $1.38 to $20.73.
Copyright 2009 Associated Press. All rights reserved. This material may not be published broadcast, rewritten, or redistributed Forbes.com
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