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Las Vegas Sands Corporation (NYSE: LVS) reported Thursday that the company suffered a $175.9 million loss in the second quarter, compared with a loss of $8.8 million a year earlier.
The company, controlled by billionaire CEO Sheldon Adelson, said the loss included the costs of settling a legal matter and charges related to lower-than-expected proceeds from the sale of a mall at one of its
Net quarterly revenue was $1.06 billion, a decrease of 4.8 percent from $1.11 billion a year earlier and just below what analysts expected. They predicted on average that Sands would take in $1.08 billion in revenue.
Sands lost 34 cents per share in the quarter compared with 2 cents per share one year ago.
The company said its net loss attributable to stockholders was $222.2 million after accounting for more than $46 million in dividends paid to holders of preferred stock and for the redemption value of certain preferred stock.
Adelson said the Las Vegas-based company was committed to a three-part plan to finish its development in Singapore, cut its current costs in Las Vegas and the Chinese gambling enclave of Macau, and raise more money one or more ways.
Sands president and chief operating officer Michael Leven said the company has implemented about $345 million, or more than two-thirds, of its targeted $500 million cut in annual costs. He said the company expected to make the rest of the cuts by the end of the year, according to Associated Press.
Sands said casino revenues in
The company said the lower revenues reflected lower rates and lower demand.
Shares of Las Vegas Sands were down $1.12, 10 percent, to $10.03 in aftermarket trading on Thursday after closing the day up 95 cents at $11.15.
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