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Initial public offering completed

Tuesday, Dec. 21, 2004 | 10:52 a.m.

The holding company for the Venetian resort has completed its initial public offering of common stock.

Las Vegas Sands Corp., the holding company for Las Vegas Sands Inc., which operates the Venetian, sold its initial allotment of 23.8 million shares at $29 a share as well as an additional 3.6 million shares in an overallotment option. Shares climbed to $53.25 making it one of the most successful IPOs of the last two years, according to Thomson Financial.

At midday today, the stock was trading at $47.80, down 80 cents from Monday's closing price.

The net proceeds of $744.4 million will be used to develop the company's projects in Macau, Great Britain and Las Vegas, including the 3,000-room Palazzo project adjacent to the Venetian.

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