Sands Casino: “Gamblers Were Lucky So Our Profits Are Down”May 4, 2011 6:28 am
For once, Gamblers are making money. We spotted this today:
“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.”
Statistics Source: BBC Business News