Macau casinos and lucky gamblers equal loss for Las Vegas Sands

The largest casino company in the world Las Vegas Sands Corp posts a net loss of $48.5 million.

Macau casinos and lucky gamblers equal loss for Las Vegas Sands Las Vegas Sands Corp. (NYSE:LVS) posted a net loss of $48.5 million or 14 cents per share on Thursday, causing a tumble in the stock price of the world's biggest casino operator by market value. For comparison, during the third quarter of 2006 Las Vegas Sands posted 27 cents a share gain. During the aftermarket hours stocks of Las Vegas Sand dropped 15% and traded at 110.22 or 12% lower at 10:15am EST on Friday.

The disappointing results are being blamed on the cost to open the Venetian Macao in August and on lucky gamblers, who won more than expected at the baccarat and blackjack tables in both Las Vegas and Macau, during the 3Q. At the Las Vegas Venetian casino earnings were down 19% and at the Sands Macao casino earnings were down 39%. The Las Vegas Sands Corp adjusted net income was $41.8 million - 65% lower than the $117.6 million posted an year ago.

Published on 11/02/2007