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
- President Obama To Explain Why We're Gonna Need Moar Airstrikes In Iraq - Live Feed | ZeroHedge
- The Stock Market is the Terminator | ZeroHedge
- Russian Humanitarian Convoy Enters Ukraine Without Authorization; Ukraine Considers Move "Direct Invasion" | ZeroHedge
- Hilsenrath Warns Fed Rate-Hike Timing Debate Intensifying | ZeroHedge
- Goldman Post-Mortem: Minutes Have More Hawkish Tone | ZeroHedge
- China’s Credit Slowdown Raises Concerns About Overall Economic Health | Financial Sense
- DOJ Announces Record $16.7 Billion Mortgage Settlement With Bank Of America: Live Feed | ZeroHedge
The most relevant financial news and articles from the Internets
- Wild Hong Kong Concept Tower Would Have Its... | Business Insider
- All The Cords You Use To Charge Your Phone Might Be Obsolete Soon | Business Insider
- SoundCloud Artists Will Finally Be Able To Make Money Off Their Own Work | Business Insider
- Notable 52-Week... | StreetInsider.com
- Trian Management Key in Dollar General's War With Family Dollar | TheStreet.com
- 4 Reasons Sears Is Headed Straight For Death | Business Insider
- 4 Videos Showing Front Line War Reporting By Murdered American Journalist James Foley | Business Insider