Las Vegas Sands, Corp, which is the world’s largest casino company by market values, posted second quarter losses on costs to run the new Venetian Macao and the Palazzo in Las Vegas and higher interest costs. The loss was equal to two cents a share compared to the ten cents a share profit a year earlier. The shares still earned nine cents excluding some costs.
Among the things cited as a contributing factor as higher gas prices curbing trips to Las vegas since the Palazzo opened in January and competition from Macau. Interest went up sixty-three percent as it added loans to complete the Palazzo and Venetian as well as take the next step in developing in Macau.
Looking ahead they are hoping to cut costs in Las Vegas by seventy million and adjust some development plans in Macau to adjust to a changing market. They are also looking towards convention booking not just gamblers on vacation.