ad-fullscreen

Quarterly revenue results spark sell-off of Las Vegas Sands

Las Vegas Sands shares fell 8.45 percent Friday, a day after the casino company’s quarterly revenue fell short of Wall Street analysts’ projections.

Las Vegas Sands on Thursday said overall net revenue for the quarter ended Dec. 31 rose 57 percent to $2.02 billion, less than the $2.07 billion analysts had expected. Sands shares, which trade on the New York Stock exchange fell $4.25 to close at $46.03.

The shares had fallen 6.6 percent in extended trading Thursday, Bloomberg News reported.

The sell-off may create a buying chance. In a research note highlighted Friday by TheStreet.com, J.P. Morgan analyst Joe Greff wrote, “We think last night’s 6 percent decline in aftermarket is a near-term buying opportunity in front of a 2011 Singapore ramp in all segments, 2011 Macau market strength and a catalyst in Chinese New Year.”

The Sands Macau, Venetian Macau and Four Seasons Macau collected revenues of $1.09 billion in the fourth quarter, an increase of 13.1 percent. Macau also accounted for $213.3 million of the company’s net income in the quarter, almost 78 percent of the total.

In another investment note, also highlighted by TheStreet.com, Wells Fargo analyst Carlo Santarelli wrote, “In general, we were very impressed by the Macau performance in the quarter and we believe the results reinforce our view that the market share declines in the fourth quarter were misleading.”

Las Vegas Sands reported net income of $271 million, or 34 cents a share, in the quarter ended Dec. 31, compared with year-earlier loss of $113.9 million, or 17 cents a share. Analysts polled by FactSet Research had expected the company to earn 38 cents a share in the most recent quarter.

section-ads_high_impact_4
TOP NEWS
News Headlines
pos-2 — ads_infeed_1
post-4 — ads_infeed_2
Local Spotlight
Events
Home Front Page Footer Listing
Circular
You May Like

You May Like