* Net loss 14 cents/share

* Ex-items, profit 1 ct/share vs Street view loss 3 cents

* Shares slide after hours (Adds analyst comment, updates stock price)

By Deena Beasley

LOS ANGELES, May 5 (Reuters) - Casino operator Las Vegas Sands Corp's (LVS.N: Quote, Profile, Research) quarterly loss widened as the recession kept gamblers and tourists at bay, but its top executive said on Tuesday its operating environment was improving.

Sands raised its cost-cutting goal and the quarterly results were better than expected. Its shares slid 3.5 percent after-hours, retreating from a 19 percent surge in regular trade as the worst-case scenario appears to have been averted.

"We have witnessed recent positive trends in gaming volumes and an improving environment for future group business bookings -- especially into later 2009 and early 2010 -- which, together with the full implementation of our cost-savings program, should benefit our Las Vegas performance going forward," Chairman and Chief Executive Sheldon Adelson said on a conference call.

The positive comments echoed those made by executives at rivals Wynn Resorts Ltd (WYNN.O: Quote, Profile, Research) and MGM Mirage (MGM.N: Quote, Profile, Research), which also reported weak first-quarter results but indicated that trends have been improving in the last few weeks.

"There has been some talk of things turning around in Las Vegas and the stock certainly has run up in the past couple of days," said Matthew Jacob, an analyst at Majestic Research.