Las Vegas Sands Down on its Luck
Las Vegas Sands Corp. (LVS) is at $35 a share after-hours which makes it a fresh new 52-week low. The Sands reported earings after the close and its forecast is not what investors wanted to hear.
Las Vegas Sands missed Q2 earnings blaming its woes on lower hold on table games play and higher operational and legal expenses. Macau was the highlight of the call, they managed to increase profits 9.6% in the world's largest gambling center.
Sands Chairman and CEO Sheldon Adelson said the following:
"While our quarterly results did not meet my expectations ... our financial results reflected solid revenue growth overall and significant cash flow in both Macau and Singapore, as well as the continued steady execution of our Cotai Strip development plan in Macau.
One quarter does not a trend make. Anybody who thinks that the cultural habits of the Asian people is changing because of ... one reduction in the hold, even though it amounted to over $100 million at the top line, anybody who thinks that this is a change of culture is just missing the boat." (source: www.reuters.com)
Here's to a new 12 month low for LVS, drink up.
Best of the Blogs
Scanning and identifying the best blog entries every hour
- Fed Mouthpiece Hilsenrath Confirms Inflation Concerns May Delay "Liftoff" | ZeroHedge
- Is the Gold Price Manipulated? | Financial Sense
- ISIS "Ally" Turkey Seeks NATO Support As Two-Front "War" Escalates | ZeroHedge
- China and Greece Signal a New Round of Deflation | ZeroHedge
- Dow Spikes 170 Points "Off The Lows" | ZeroHedge
- Greece's Biggest Mistake Explained (In 1 Cartoon) | ZeroHedge
- Existing-Home Sales Highest in Eight Years | Financial Sense
The most relevant financial news and articles from the Internets
- Dollar up on Fed rate talk, Asia markets mostly rise | Business Insider
- Notable 52-Week... | StreetInsider.com
- Thomas Cook is taking a huge hit from the Tunisia attack and the... | Business Insider
- 10 things in tech you need to know today (MSFT, TWTR, AMZN) | Business Insider
- A renewed sense of gloom has washed over the oil markets | Business Insider
- England reach 221-7 at lunch in third Ashes Test | Business Insider
- Samsung made a huge mistake with the Galaxy S6 and blew its chances of... | Business Insider