Wednesday was a record-setting day for Las Vegas Sands Corp., whose shares hit an all-time high of $103.08 following news that the Chinese government approved Las Vegas Sands' application to build a megalithic, non-gambling resort on Hengqin Island. Rising 11%, Sands shares gained $10.43 before closing the day at $102.81. The previous high for Sands shares was for $97.25, set in early December.

Following the announcement by New York based gaming analyst, Larry Klatzkin of Jefferies & Co. that Las Vegas Sands management had confirmed their approval by Chinese officials, Klatzkin made the new public, and the shares immediately jumped on the New York Stock Exchange. Some stock analysts were skeptical though, considering Las Vegas Sands had not announced the news to the casino gambling market at large.

Klatzkin, however, said he was told firsthand of the news, and that he stands by his earlier assessment evaluating the Sands resort at $34 a share, and full market share value at $124.50. He went on to say that LVS management has indicated they are making plans to break ground and begin construction on the resort complex before China's largest holiday of the year - the Chinese New Year on February 14. Speculation is still circulating as to why LVS has not announced the news in a formal manner.

Las Vegas Sands originally revealed their intentions to build a $1 billion resort - minus the casino amenities - on Hengqin Island, which is in close proximity to the highly successful Sands Macau Casino. The resort will sit atop 1,300 acres, and will offer a deluxe golf course, marina, and resort villas. The resort complex was originally conceived to serve as a getaway for casino gamblers staying at the Sands Macau and the Cotai Strip's Venetian Macau Casino, which is scheduled to be finished in late 2007. The Venetian Macau will cost an estimated $2.4 billion to build, and will be the first of eight permitted casinos to go up on the Cotai Strip.