Thursday, May 1, 2008

Sands Profits - and Stock Price - Down

Las Vegas Sands, one of the key Las Vegas empires and owner of the Venetian, Palazzo, and Sands Convention Center, lost about 11 million last quarter and the stock took a big hit today, down about 8%.

CNBC reports that tourists to Las Vegas have scaled back spending and I think also there are fewer visits, though the convention traffic remains strong.

Some have suggested that the Casino business and Las Vegas in particular would be resistant to economic downturns as people turn to entertainment to sooth their economic frustrations, but this news does not support that idea.