Stock Alert: Las Vegas Sands Rises 9%

(RTTNews) - Shares of Las Vegas Sands Corp. (LVS) are rising more than 9 percent or $3.95 in Thursday's trading at $44.98 despite the company reporting financial results for the first quarter that missed analyst's expectations. The stock has traded in a range of $33.30 to $74.29 in the past 52 weeks.

Las Vegas Sands owns and operates integrated resorts in Asia and the United States.

Wednesday, Las Vegas Sands reported first-quarter adjusted loss of $0.03 per share, compared to adjusted earnings of $0.91 per share in the prior-year quarter. Hold-normalized adjusted loss was $0.02 per share for the quarter.

On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $0.11 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenue for the quarter fell 51.1 percent to $1.78 billion from $3.65 billion in the year-ago period.

"We remain extremely optimistic about an eventual recovery of travel and tourism spending across our markets, as well as our future growth prospects. We are fortunate that our financial strength will allow us to continue to execute our previously announced capital expenditure programs in both Macao and Singapore, while continuing to pursue growth opportunities in new markets," said Sheldon Adelson, chairman and CEO of Las Vegas Sands.