Asian Casinos Save Las Vegas Sands

A year ago, everyone was bearish on casino stocks. Amid global economic uncertainty, no one was ready to place their bets on the lavish, decadent palaces of excess – casinos. Las Vegas Sands, which owns the Venetian, the Palazzo and Sands casino hotels, had experienced declining margins and crumbling revenue for the better part of the previous two years.

At the end of July, however, it announced a massive surprise of earnings of 1.59 billion, or 17 cents per share, 50.7% higher than the Street consensus of 8 cents due to massive profits from its Macau and Sinagpore casinos.