Las Vegas Sands Widens Loss
LAS VEGAS (
) --
Las Vegas Sands
(LVS) - Get Free Report
widened its loss in the third quarter, hurt by income tax costs and decline in gambling.
During the quarter, the casino operator recorded a loss of $123 million, or 19 cents a share, compared with a loss of $32.2 million, or 9 cents, in the year-ago period.
Excluding one-time items, Las Vegas Sands actually posted a profit of 3 cents a share, better than the penny loss analysts expected.
While revenue inched up 3% to $1.14 billion from $1.1 billion, it fell short of Wall Street's consensus of $1.17 billion.
Las Vegas Sands said it is seeing strength in its Macau units, which are on the block for an initial public offering.
The company also provided an update on its construction in Singapore, which it said is on track to open in the first quarter of 2010.
Shares of Sands gave up their earlier gains on the news, falling 3.2% in after-market action. Prior to the release the company ended the day up 12.1% to $14.76.
Earlier this week, rivals
Wynn Resorts
(WYNN) - Get Free Report
and
Boyd Gaming
(BYD) - Get Free Report
posted double-digit profit declines and slumping revenues
.
Shares of casino operators all soared during the day, but lost steam on Las Vegas Sands' report.
MGM Mirage
(MGM) - Get Free Report
soared 9.2% to close at $9.73, but was falling 0.4% after the bell. Similarly, Wynn jumped 4.5% to $56.29, before slipping 1.2% after market.
-- Reported by Jeanine Poggi in New York
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