Las Vegas Sands profit falls sharply
7/25/12 4:20 PM ET (MarketWatch)
CHICAGO (MarketWatch) - Lower table hold and higher expenses dragged down Las Vegas Sands in the second quarter as the gambling firm reported a sharp decline in profit. Sands earned $240.6 million, or 29 cents a share, on the period, down from $367.6 million, or 45 cents a share, in the same quarter of 2011. On an adjusted basis, the company would have earned 44 cents a share, down from 54 cents a share. Revenue rose 10.1% to $2.58 billion. The average estimates of analysts polled by FactSet had been for Sands to earn 60 cents a share on revenue of $2.77 billion. Shares of Sands were down about 4% in after-hours action, building on a 3% loss in the regular session.