NEW YORK (
) -- What a bad time for
Las Vegas Sands
to report what was a better-than-expected first-quarter report.
Las Vegas Sands lost 7% on Thursday to close at $21.67, following the massive sell-off in the market. This pounding comes even as the company narrowed its first-quarter loss and posted adjusted earnings that topped Wall Street's estimates.
During the quarter, Las Vegas Sands lost $28.9 million, or 4 cents a share, compared with a loss of $80.9 million, or 12 cents, in the year-ago period. On an adjusted basis, Sands actually earned 7 cents a share, better the 3 cents predicted.
Las Vegas Sands revenue surged 24% to $1.33 billion, in-line with forecasts.
The rest of the casino sector also saw a massive drop in midday trading.
, in particular, took one of the biggest hits, after it reported a
earlier in the day.
During the quarter, MGM Mirage lost $96.7 million, or 22 cents a share, compared with a profit of $105.2 million, or 38 cents, for MGM Mirage in the year ago period.
Excluding a gain on the extinguishment of debt and a charge related to its CityCenter joint venture, MGM actually lost 14 cents a share, better than the loss of 27 cents analysts expected.
MGM Mirage plunged 8.2% to close at $13.72.
-- Reported by Jeanine Poggi in New York.
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