Las Vegas Sands Posts Wider 3Q Loss As Taxes Rise

OSKAR GARCIA

LAS VEGAS (AP) — Casino operator Las Vegas Sands Corp. on Thursday reported a larger third-quarter loss as gambling markets continued to struggle, taxes increased and the company pressed ahead on developing a resort in Singapore.

The Las Vegas-based company led by billionaire Sheldon Adelson benefited from more gamblers visiting Macau, the Chinese gambling enclave, but was hurt in its home market of Las Vegas where bettors have stayed away from tables and rooms have been less profitable.

However, comments by Adelson that casinos' bad luck may be turning around sent shares up more than 8 percent in aftermarket trading.

Las Vegas Sands posted a loss of $123 million, or 19 cents per share, for the three months ended Sept. 30. It said those results were hurt by increased income tax expenses, which cost the company $73.7 million. The results compared with a loss of $32.2 million, or 9 cents per share, a year earlier.

The company said its adjusted income — which does not include many one-time items including the taxes, interest expenses or stock dividends — totaled $20.1 million, a profit of 3 cents per share. That beat analyst expectations for losses of one penny per share, according to a Thomson Reuters poll.