Las Vegas Sands Stock Rises Even After Second Quarter Gambling Loss
The second quarter figures have started to trickle out for casino gaming companies, and not many people believed they would be good. Las Vegas Sands revealed this week that they had a net loss for the second quarter at its casinos and hotels.
Las Vegas was obviously the main reason that the company had a loss. It has been a rough sixteen months for the city that for a long time was the casino gambling capital of the world. Even with the bad news, Sands is looking forward to the upcoming months.
Las Vegas Sands posted a net loss for the second quarter of $171.3 million. That equated to $.34 a share, but not everyone believes that now is the time to bail on the struggling company. In fact, this may be the right time to take a chance.
"There is an upside for the stock with Singapore in the first quarter," said Sterne, Agee, & Leach Analyst David Bain, "but it is somewhat of a binary event..it will be a huge opening." That is what the company is counting on.
While Sands received bad news, another Las Vegas based casino gaming company, Wynn Resorts had good news for their investors. The company's profits exceeded what analysts had predicted, and it led to a big day on the stock market.
Wynn stock rose 13.18% after the news of the second quarter profit surfaced. That brought the stock up to $50.13 a share, up $5.84 at the close of the trading day Thursday. Las Vegas Sands surprisingly rose 9.31%, to $11.15.
July 31, 2009
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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