Sands Up on Vegas, Macau Performances
NEW YORK - Shares of Las Vegas Sands Corp. climbed Thursday on better-than-expected second-quarter performances from its Las Vegas and Macau properties.
The casino operator's quarterly adjusted earnings of 23 cents per share missed the 25 cents per share estimate of analysts polled by Thomson Financial.
However, revenue at The Venetian in Las Vegas increased 14 percent from a year ago to $235.5 million, while revenue at the Sands Macao rose 21.6 percent to $377.4 million.
Stifel Nicolaus & Co. analyst Macro running .....Steven Wieczynski said in a note that the company had solid results in both Macau and Las Vegas. He also sees the opening of the Venetian Macau later this month and the December opening of the Palazzo in Las Vegas providing a potential lift to the stock.
Wieczynski maintained a "Buy" rating on the stock.
Robert A. LaFleur of Susquehanna Financial Group was pleased with strong increases in gaming and non-gaming amenities at the Venetian in Las Vegas.
He views the company as a good bet for long-term investors.
"Las Vegas Sands continues to have the most dynamic development pipeline in gaming, with significant projects currently under construction in Macau, Singapore, Las Vegas and Pennsylvania," LaFleur wrote in a note.
Shares of Las Vegas Sands gained $5.65, or 6.6 percent, to $91.33 in afternoon trading. The stock has traded between $58.91 and $109.45 over the past year.
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