Las Vegas Sands now $1.60 a share, new 52-week low

Las Vegas Sands Corp. (NYSE:LVS) is at $1.60 this morning and MGM Mirage (NYSE:MGM) isn't doing much better at $1.87 as investors make bets on if these two Casino stocks will survive.

Does the Las Vegas Sands and MGM have enough cash to live through the next few months?  How about just March?

MGM Mirage Inc., the gambling company owned by billionaire investor Kirk Kerkorian, said Tuesday that it may default on its debt amid development of its biggest casino project ever, the $8.6 billion CityCenter in Las Vegas.

Unless the economy turns around and more people start gambling again, the Las Vegas-based casino company believes it will break its loan agreements this year, it said in a filing with the Securities and Exchange Commission.

The Sands shares are down 17% and continue to fall as I write this article, trading at $1.60, falling 9 cents in a matter of minutes.   To get a idea of the volatility just look at the $5 strike price on LVS, its crazy.  All the options are on fire and being traded like nobody's business, happy safe trading:

Expires Symbol Last Chg Bid Ask Vol Open Int Mar 09 LJJCA.X 0.05 0.00 N/A 0.05 1 14,217 Apr 09 LJJDA.X 0.10 0.00 0.05 0.15 30 1,293 Jun 09 LJJFA.X 0.25 0.09 0.20 0.25 501 15,575 Sep 09 LJJIA.X 0.40 0.05 0.30 0.40 2 612 Jan 10 LNUAA.X 0.60 0.20 0.45 0.65 6 1,429 Jan 11 ZAUAA.X 0.86 0.24 0.70 1.00 2 517

Expires	Symbol	Last	Chg	Bid	Ask	Vol	Open Int
Mar 09	LJJOA.X	3.00	0.10	3.30	3.50	6	19,081
Apr 09	LJJPA.X	2.90	0.00	3.20	3.50	3	39
Jun 09	LJJRA.X	3.50	0.20	3.40	3.50	5	11,269
Sep 09	LJJUA.X	3.60	0.20	3.60	3.80	40	245
Jan 10	LNUMA.X	3.70	0.00	3.60	3.80	10	1,168
Jan 11	ZAUMA.X	4.01	0.01	3.90	4.20	1	92