Hard 8

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The Las Vegas Sands (LVS) has neatly lopped a quarter of the value off its shares today. That's brutal. Worse when you realize that the stock was in the high $30s earlier in the month. We thought gambling was supposed to be recession proof. Well, maybe they were 90s-style recession proof, but this is entirely different. (Just ask Kirk Kerkorian).
My own theory is that all the casino stocks move in unison with the projected size of Wall Street Bonuses. (But the effect is stronger for the Atlantic City properties).

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