Las Vegas Sands' Hong Kong IPO Flops

In keeping with tradition at the Hong Kong stock exchange, the Nov. 30 debut of Sheldon Adelson's Las Vegas Sands Macao spin-off was toasted with mid-morning Champagne. He had reason to celebrate: Only a year ago, as the Las Vegas billionaire fought off creditors and was forced to suspend construction on new casino properties to preserve cash, people were wondering if Adelson had overplayed his hand in China's gambling haven.

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