NEW YORK (TheStreet) -- Shares of Las Vegas Sands (LVS), the world's largest casino operator, fell 4.24% to $54 in after-hours trading Wednesday after the company reported first-quarter earnings that missed analysts' expectations.
Las Vegas Sands reported a decline in adjusted profit to 66 cents a share, less than the consensus estimate of 72 cents a share. Revenue dipped 25% to $3.01 billion, which missed analysts' expectations of $3.19 billion.
Gambling declines in the key markets of Macau and Singapore contributed to the earnings miss. Chinese president Xi Jinping has been cracking down on corruption, which has caused many high-rollers in the nation to reduce their gambling.
Betting in Macau, the only area in China in which casino gambling is legal, plunged 37% percent in the first quarter to 64.8 billion patacas, or $8.1 billion.
Separately, TheStreet Ratings team rates LAS VEGAS SANDS CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate LAS VEGAS SANDS CORP (LVS) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, notable return on equity, expanding profit margins, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth. We feel these strengths outweigh the fact that the company shows weak operating cash flow."
You can view the full analysis from the report here: LVS Ratings Report