Las Vegas Sands Suffers Second-Quarter Slump

A run of bad luck and a downturn in gambling volume in Singapore caused the world’s largest casino company to post its first quarterly earnings decline in almost three years on Wednesday.

April’s opening of the Sands Cotai Central resort in Macau helped Las Vegas Sands post a 10 percent jump in company-wide net revenues to $2.58bn in the second quarter.

But quarterly EBITDA and profits went into reverse, as the company underlined a lower-than-normal hold percentage across its suite of high-end casinos in Macau, Singapore and Sin City.

LVS said its second-quarter adjusted property EBITDA came in at $844.7m, down 6 percent from $901.6m in 2011.

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