The turmoil in the markets makes it too easy to justify selling any stock these days. Yet while panic never helps investors, it's still a good idea to play devil's advocate with investments.

Consider casino operator Las Vegas Sands (NYSE:LVS). Though the gambling sector is showing signs of life, you'll find a few of the 1,663 Motley Fool CAPS members weighing in on the company offer reasons to be bearish.

Here at The Motley Fool, we like to consider both the good and bad sides of an investment, so in this article, I've highlighted three of the main bearish arguments on Las Vegas Sands today. Be sure to read the bullish side as well, and then weigh in with your own comments below or rate Las Vegas Sands in CAPS.                                             

1. Gambling is out
In addition to cruise-ship operators such as Royal Caribbean Cruises (NYSE:RCL) and airlines such as AMR's (NYSE:AMR) American Airlines and Southwest Airlines (NYSE:LUV), casino operators from Wynn Resorts (NASDAQ:WYNN) to Las Vegas Sands are some of the companies most exposed to the pain of a recession. Consumers visiting Las Vegas and other gambling cities are spending less, and some companies, such as Boyd Gaming, have been forced to put entire projects on hold as a result.

2. Recovery is slow
While some contend that the worst is behind casino operators, some investors expect the industry to have a slower recovery than others. The city of Las Vegas is already pressured with overcapacity issues, and MGM Mirage (NYSE:MGM) is unleashing more rooms on the city. Add to that a high nationwide unemployment rate, and many investors expect a difficult recovery.

3. There's a debt overhang
Similar to many other companies, such as mall owner Simon Property Group (NYSE:SPG), Las Vegas Sands sits on a suffocating amount of debt. At the end of its most recent quarter, it had nearly $12 billion in debt and is seeking even more to help finance its Macau project. Some investors have become skittish about the company's ability to meet debt covenants if conditions were to turn south.

To see details of what CAPS members are saying now about Las Vegas Sands, just head on over to Motley Fool CAPS and have a look -- or add your own thoughts directly to this story in the comments box below.