In the casino market of stocks, a casino stock tanks

So much for risk appetite. Let's hear it for bond apetite.

UPDATE 3-Sands China falls, casino party looks to be over

The first-day drop of nearly 14 percent -- the third-worst Hong Kong debut this year after China South City Holdings and Glorious Property Holdings -- was more than analysts had predicted

Sands China's $2.5 billion IPO also came amid global market skittishness in the wake of last week's sell-off over a debt crisis in Dubai, with investors leery of risky bets.

Hard to believe it was passed over. Why just a year or so ago it would have been oversubscribed:

Sands China, the Macau unit of Las Vegas Sands, the world's most valuable casino firm, offers investors a company that is heavily debt ridden, but which boasts a strong growth outlook in Macau, the world's biggest and fastest-growing gambling market.

Sigh.