Casinos & Hotels
Las Vegas Sands (LVS): The Wages Of Sin Get Expensive
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Divide the chips as you will. Las Vegas Sands (LVS) had a pitiful quarter. Revenue rose from $628 million to $1.079 billion. The good news ended there.
Operating income fell from $131 million in the period a year ago to $96.6 million in the most recent quarter. Interest expense rose for $34.6 million to $114.7 million. As of March 31, 2008, total debt outstanding, including the current portion, was $8.37 billion
The company did poorly in it home city of Las Vegas. Operating income decreased 36.4% to $57.4 million, compared to $90.3 million in the 2007 period.
LVS said it was doing poorly in Macoa because of competition. That is not likely to let up. If the future of the company is in the Far East, LVS does not have much of a future.
Las Vegas Sands shares are down 11% at $68, near their 52-week low and way off their period high of $148.76.
Douglas A. McIntyre
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