Las Vegas Sands posts underwhelming profit for 2Q

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Associated Press

Posted on July 24, 2013 at 2:00 PM

Updated Wednesday, Jul 24 at 2:02 PM

LAS VEGAS (AP) — Las Vegas Sands Corp.'s success continued in Macau, helping net income more than double in the second quarter. But growth was tepid in Las Vegas, and Wall Street expected stronger results.

Revenue more than doubled at some of Las Vegas Sands' five Macau properties. Macau is the only place in China where gambling is legal.

But sales rose less than 6 percent at its two Las Vegas casinos, the Venetian and Palazzo.

The company run by billionaire CEO Sheldon Adelson said Wednesday that it earned $529.8 million, or 64 cents per share, up from $ $240.6 million, or 29 cents per share. Revenue grew 26 percent to $3.24 billion.

Analysts polled by FactSet predicted 67 cents per share on $3.3 billion.

The stock is down 1.2 percent in aftermarket trading.

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