Option traders are rushing to bet on Las Vegas Sands Corp. (NYSE: LVS), as call volume heats up in the wake of a recent Reuters interview. At midday, the gambling guru has seen roughly 37,000 calls cross the tape, more than doubling its average intraday volume of fewer than 15,800 contracts.
The company's chief executive, Sheldon Adelson, last night said he hopes the firm's unfinished resort in Singapore will generate a 20% return on investment, as casino competition isn't as fierce there as in Nevada. Furthermore, Adelson said the firm will know the exact opening date of its Singapore Marina Bay Sands sky park "in about 60 days," with the resort slated to open sometime in the first quarter of 2010.
As such, it's not surprising that the most popular options today have been the out-of-the-money January 2010 19- and 20-strike calls.
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