Las Vegas Sands Falls After Unexpected First-Quarter Loss

Filed under Sheldon Adelson - Las Vegas Sands
May 1, 2008 6:02 pm

 Las Vegas Sands Corp., the world’s largest casino company by market value, fell the most in almost seven months in New York trading after posting an unexpected first-quarter loss.The net loss was $11.2 million, or 3 cents a share, as a jump in expenses outpaced revenue growth from the company’s properties in Las Vegas and Macau, China.

Las Vegas Sands dropped $7.18, or 9.4 percent, to $69.04 at 11:14 a.m. in New York Stock Exchange composite trading, the biggest decline since October.

The casino company, majority-owned by billionaire Chief Executive Officer Sheldon Adelson, is building a $12 billion, 20,000-room complex of hotels and casinos in Macau, the only region in China where gambling is legal. Revenue trailed analysts’ estimates as competition in Macau intensified while U.S. gamblers struggled with higher fuel and food costs.

read the rest published by Bloomberg here:

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=abKFPwMasiIs

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