Casino Operator sees wider loss in first quarter
Posted by Gavin Smith on 07 May 2009 at 10:05
A major casino operator has recorded a wider first quarter loss compared to a year ago as revenue struggled and expenses went up.
However, the associated press (AP) reports the Las Vegas Sands figures are better than Wall Street had predicted.
For the quarter ending March 31, the Vegas- based firm said it had lost $87.7 million, or 14 cents per share, AP said.
Net revenue came in at $1.08 billion, which is roughly flat with the first quarter of 2008.
The agency also said Las Vegas Sands lost $11.2 million, or three cents per share, 12 months ago.
Meanwhile Analysts polled by Thomson Reuters predicted a loss of 2 cents on revenue of $1.06 billion.
The firm has recently been cutting annual costs, managing a reduction of about $470 million during the quarter.
