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| Version 1 | Version 2 |
|---|---|
| Las Vegas Sands posts disappointing revenues, profits | Las Vegas Sands posts disappointing revenues, profits |
| (about 7 hours later) | |
| Shares in casino operator Las Vegas Sands, which makes most of its money in Asia, have slumped after the company posted disappointing results. | Shares in casino operator Las Vegas Sands, which makes most of its money in Asia, have slumped after the company posted disappointing results. |
| Its stock fell as much as 10% in after hours trading. | Its stock fell as much as 10% in after hours trading. |
| Sands posted earnings of $0.37 per share in the first three months of 2011, much lower than the $0.44 a share expected. | Sands posted earnings of $0.37 per share in the first three months of 2011, much lower than the $0.44 a share expected. |
| Revenues hit a record $2.11bn (£1.28bn), but analysts had hoped for $2.14bn. | Revenues hit a record $2.11bn (£1.28bn), but analysts had hoped for $2.14bn. |
| Sands' CEO, billionaire Sheldon Adelson, blamed bad luck at its tables in Las Vegas and Singapore for the drops in the company's "hold percentage" - the ratio of how much it won, compared to how much customers gambled. | Sands' CEO, billionaire Sheldon Adelson, blamed bad luck at its tables in Las Vegas and Singapore for the drops in the company's "hold percentage" - the ratio of how much it won, compared to how much customers gambled. |
| That means the casino paid out more to lucky gamblers than it would have done normally. | That means the casino paid out more to lucky gamblers than it would have done normally. |
| "In Las Vegas, low hold on table games play impacted our financial performance in the quarter by about $45 million in revenue," the company said in a statement. | "In Las Vegas, low hold on table games play impacted our financial performance in the quarter by about $45 million in revenue," the company said in a statement. |
| In Singapore, low table earnings trimmed revenues by about $30m. | In Singapore, low table earnings trimmed revenues by about $30m. |
| Table games include black jack, roulette and baccarat, among others. | Table games include black jack, roulette and baccarat, among others. |
| Jonathan Galaviz, chief economist of Galaviz & Company, said the outcome was not a long-term cause for concern. | |
| "It looks like statistical volatility in Las Vegas," said the gaming analyst. | "It looks like statistical volatility in Las Vegas," said the gaming analyst. |
| "In the coming months, the outcome may be a lot more in the casino's favour." | "In the coming months, the outcome may be a lot more in the casino's favour." |
| Sands' worse-than-expected profits also dragged down shares in rivals MGM and Wynn Resorts. | Sands' worse-than-expected profits also dragged down shares in rivals MGM and Wynn Resorts. |