Las Vegas Sands Results Miss Estimates; Stock Down 4%

(RTTNews) - Casino operator Las Vegas Sands Corp (LVS) on Wednesday reported first-quarter net earnings of $512 million or $0.64 per share compared with $776.2 million or $0.95 per share last year.

Excluding items, adjusted earnings for the quarter were $0.66 per share compared with $0.97 per share a year ago.

Revenues for the quarter fell 24.9% to $3.01 billion from $4.01 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.72 per share on revenues of $3.22 billion for the quarter. Analysts' estimates typically exclude special items.

CEO Sheldon Adelson said the quarter was marked by the challenging operating environment in Macao, particularly in the high-end gaming segments.

The company also announced a quarterly dividend of $0.65 per share.

Shares of the company were losing $2.59 or 4.59% at $53.80 in after-hours trade on the NYSE.