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.
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