Leisure

Try Jim Cramer's Action Alerts PLUS
CLICK HERE NOW

Macau Drags Las Vegas Sands to Profit Miss

04/30/08 - 05:21 PM EDT

Nicholas Yulico

In its release, management said VIP volumes at the property "were down sequentially due to the increasingly competitive environment that has developed in this market over the last few months."

This was likely a subtle reference to competitor Melco PBL'sMPEL decision to raise junket commissions in December to bring guests to its Crown Macau property in an attempt to dominate the VIP gambling market.

In Las Vegas, results were mixed and slightly missed official analyst estimates. Overall property EBITDA increased 9.3% to $122.6 million, driven mostly by the opening of the company's second property, The Palazzo, at the end of 2007.

Analysts expected $130 million at the two properties, according to StreetAccount, but the whisper number was $120 million, the industry source says.

A key hotel operating metric, revenue per available room, fell 8.4% from a year earlier at The Venetian Resort Hotel Casino in Las Vegas.




1 2
» Next

Headlines & Perspectives

Leisure

Go To Section Home


04/24/08
Starwood Books an Earnings Beat

And the hotel operator also raises forward guidance, adding to the bullish case for the stock.


04/22/08
Macau: No More Gaming Licenses

The decision helps existing casino operators in the region, such as Las Vegas Sands and Wynn.


04/17/08
Marriott Meets Profit Target

First-quarter earnings fall in-line with Wall Street expectations.


05/19/08
Cramer on Top Searched Stocks: Yahoo!

Yahoo! is among the most searched stocks on TheStreet.com. Here's what Cramer had to say about the stock recently.


05/17/08
Jim Cramer's Best Blogs

Catch up on his thinking on the hottest topics of the past week.


04/26/08
Coming Week: Make or Break

Investors will have to deal with a Fed meeting and another flood of earnings and economic data.


05/19/08
Top Rocket Stocks: Ensco

Ensco International and Echelon have the potential to move higher in coming days.


04/28/08
Monday's Analysts' Upgrades, Downgrades

See who made what calls.


05/19/08
Telecom Giants See a Savior in Video

The addition of video is helping telecom companies compete against cable and satellite companies.


05/19/08
Contract Expiration Tempers Oil's Rise

The June West Texas Intermediate contract reflects selling pressure ahead of Tuesday's expiration. But stocks in the sector are generally trading higher.


05/19/08
Analysts' Upgrades, Downgrades: Amazon

See who made what calls.


Your Recent Quotes: Quote Up0 | Quote Down0
Dow S&P 500 NASDAQ
Oil*
Gold
10 Yr
0.00%
%
%
%
Data delayed 20 min
Sign up for our FREE newsletters now.

Keep on top of the market and the critical information you need to make more profitable investing decisions.

  • Cramer's Daily Booyah!
  • Before the Bell

Privacy Policy

See All Free Newsletters

Premium Stock Ideas
Access Action Alerts Plus to find out Cramer’s latest picks now!