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Las Vegas Sands takes hit in Singapore, shares drop
BILLIONAIRE Sheldon Adelson's Las Vegas Sands Corp disappointed investors with a lower-than-expected quarterly profit at its Singapore casino-resort, sending shares of the company down 10 per cent.
Sands posted first-quarter earnings below Wall Street forecasts and said lower-than-normal casino table game winnings hit its Singapore revenue by about US$30 million (S$36.8 million) and its Las Vegas revenue by about US$45 million.
Its rivals' stock also slid. Resorts International was down 2.4 per cent after the bell, while Wynn Resorts Ltd slipped 1.4 per cent.
Sands, which operates the Venetian and Palazzo resorts on the Las Vegas Strip, earns most of its money in Asia, from its newest resort in Singapore and in Macau, where allegations of malfeasance by a former employee have prompted investigations by regulators such as the U.S. Department of Justice.
Adjusting for one-time items, the casino operator earned 37 cents a share in the quarter, which fell short of analysts'average estimate of 44 cents a share, according to Thomson Reuters.
Sands said quarterly adjusted EBITDA (earnings before income interest, depreciation, taxation and amortisation) at its majority-owned Sands China Ltd subsidiary rose 46.1 per cent to US$378.6 million, which was in line with analyst estimates.
Las Vegas Sands takes hit in Singapore, shares drop
BILLIONAIRE Sheldon Adelson's Las Vegas Sands Corp disappointed investors with a lower-than-expected quarterly profit at its Singapore casino-resort, sending shares of the company down 10 per cent.
Sands posted first-quarter earnings below Wall Street forecasts and said lower-than-normal casino table game winnings hit its Singapore revenue by about US$30 million (S$36.8 million) and its Las Vegas revenue by about US$45 million.
Its rivals' stock also slid. Resorts International was down 2.4 per cent after the bell, while Wynn Resorts Ltd slipped 1.4 per cent.
Sands, which operates the Venetian and Palazzo resorts on the Las Vegas Strip, earns most of its money in Asia, from its newest resort in Singapore and in Macau, where allegations of malfeasance by a former employee have prompted investigations by regulators such as the U.S. Department of Justice.
Adjusting for one-time items, the casino operator earned 37 cents a share in the quarter, which fell short of analysts'average estimate of 44 cents a share, according to Thomson Reuters.
Sands said quarterly adjusted EBITDA (earnings before income interest, depreciation, taxation and amortisation) at its majority-owned Sands China Ltd subsidiary rose 46.1 per cent to US$378.6 million, which was in line with analyst estimates.
