Las Vegas Sands Crumbles

Shares plunge 17% after hours following a big earnings and revenue miss.
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Las Vegas Sands

(LVS) - Get Report

plunged 17% in late trading Thursday after the casino owner missed revenue and profit estimates for its latest quarter.

The company said its third-quarter adjusted profit fell 65% to $41.8 million, or 12 cents a share. Analysts, on average, expected earnings per share of 31 cents, according to Thomson Financial.

The company, which in August opened its massive new Venetian Macau casino, said revenue rose 19.5% to $661 million. That missed the $783 million that analysts expected.

The drop in earnings was mostly due to increased operating costs and a lower table games win percentage, Las Vegas Sands said, along with higher depreciation and interest charges.

Including all items, the company swung to a loss of $48.5 million, compared with profit of $97.3 million a year ago. The loss came amid increased pre-opening expenses and operating costs.

The Venetian Macau, open for just a month during the quarter, added $150 million to revenue.

Revenue at the Venetian in Las Vegas was flat, while revenue at the Sands Macau fell 12%.

Las Vegas Sands shares were down 17%, or $21.30, to $104 in after-hours trading.