Las Vegas Sands posts disappointing revenues, profits

image captionLas Vegas Sands has new resorts in Singapore and Macau

Shares in casino operator Las Vegas Sands, which makes most of its money in Asia, have slumped after the company posted disappointing results.

Its stock fell as much as 10% in after hours trading.

Sands posted earnings of $0.37 per share in the first three months of 2011, much lower than the $0.44 a share expected.

Revenues hit a record $2.11bn (£1.28bn), but analysts had hoped for $2.14bn.

Sands' CEO, billionaire Sheldon Adelson, blamed bad luck at its tables in Las Vegas and Singapore for the drops in the company's "hold percentage" - the ratio of how much it won, compared to how much customers gambled.

That means the casino paid out more to lucky gamblers than it would have done normally.

"In Las Vegas, low hold on table games play impacted our financial performance in the quarter by about $45 million in revenue," the company said in a statement.

In Singapore, low table earnings trimmed revenues by about $30m.

Table games include black jack, roulette and baccarat, among others.

Jonathan Galaviz, chief economist of Galaviz & Company, said the outcome was not a long-term cause for concern.

"It looks like statistical volatility in Las Vegas," said the gaming analyst.

"In the coming months, the outcome may be a lot more in the casino's favour."

Sands' worse-than-expected profits also dragged down shares in rivals MGM and Wynn Resorts.

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