Las Vegas Sands Revenue Numbers Decrease After Third Quarter Loss

This was supposed to be a profitable endeavor when the Las Vegas Sands Co. expanded in the Macau market, but the third quarter numbers were released and the company showed a loss.

$48.5 million was the net loss in the third quarter for the Sands, and that equals out to 14 cents a share. Most of the losing happened as gamblers had good luck playing Baccarat and Blackjack in both Macau and Las Vegas.

The expansion is not complete in Macau where the company has plans for 20,000 additional hotel rooms at a complex at the Venetian Macau.

Although the numbers in the New York Stock Exchange were down $15.30 this morning, the company should be happy to know that the shares, up until today, had risen 40 percent so far this year.

Chief Executive Officer Sheldon Adelson took a big hit in the recent numbers as he apparently lost $3.7 billion of his wealth. That number, however, fluctuates pending the ups and downs of the company.

In Nevada, the Las Vegas Venetian saw earnings drop to $58.3 million. or 19 percent.

The main cause for the drop is the opening of the Venetian Macau, a move that many projected would pay off immediately, but that has not been the case as the casino has started slowly financially.

November 2, 2007
Posted By Larry Rutherford
Staff Editor, CasinoGamblingWeb.com
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