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UPDATE 1-Las Vegas Sands earnings slump, miss forecasts
July 25, 2012 / 11:54 PM / 5 years ago

UPDATE 1-Las Vegas Sands earnings slump, miss forecasts

(Adds CEO statement, share activity)

By Sue Zeidler

LOS ANGELES, July 25 (Reuters) - Las Vegas Sands Corp second-quarter earnings fell, missing forecasts, as gambling revenue fell at its casinos in Las Vegas, Macau and Singapore, and legal fees rose, sending its shares down 5.8 percent in after-hours trading.

The company, best known in the U.S. for its Italian-themed Venetian resort in Las Vegas, reported net income of $240.6 million, or 29 cents a share, compared to $367.6 million or 45 cents a share, in the year-ago quarter.

The company’s shares fell 5.84 percent, or $2.19 a share, to $35.32 in after-hours trade, after closing at $37.51 a share.

Analysts had expected 60 cents a share, according to analysts surveyed by Thomson Reuters I/B/E/S.

“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,” Sands Chairman and CEO Sheldon Adelson said in a statement. (Reporting By Susan Zeidler; Editing by Bernard Orr, Ronald Grover and Phil Berlowitz)

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