This was supposed to be a profitable endeavor when the Las Vegas Sands Co. expanded in the Macau market, but the third quarter numbers were released and the company showed a loss.
$48.5 million was the net loss in the third quarter for the Sands, and that equals out to 14 cents a share. Most of the losing happened as gamblers had good luck playing Baccarat and Blackjack in both Macau and Las Vegas.
The expansion is not complete in Macau where the company has plans for 20,000 additional hotel rooms at a complex at the Venetian Macau.
Although the numbers in the New York Stock Exchange were down $15.30 this morning, the company should be happy to know that the shares, up until today, had risen 40 percent so far this year.
Chief Executive Officer Sheldon Adelson took a big hit in the recent numbers as he apparently lost $3.7 billion of his wealth. That number, however, fluctuates pending the ups and downs of the company.
In Nevada, the Las Vegas Venetian saw earnings drop to $58.3 million. or 19 percent.
The main cause for the drop is the opening of the Venetian Macau, a move that many projected would pay off immediately, but that has not been the case as the casino has started slowly financially.
Maryland Casino Slot Debate Heats Up As Legislature Mulls Options
It is the same debate that goes on in every state that the gambling issue comes up, whether or not the addition of legalized gambling can be a savior for a community, or the communities downfall.
This is the question that Legislators in Maryland is facing, and the debate on both sides heated up on Friday as two separate rallies were held to state positions on the issue.
Governor Martin O’Malley is seeking to amend the states constitution through a bill that would allow up to 15,000 slot machines, which would be spread over five locations in the state.
Opponents of the bill, such as Comptroller Peter Franchot feel the slots will bring a negative image to the state, he had this to say, referring to back in 1949 when slots were legal, “The results were disastrous, corruption and crime, broken families, ruined communities, destruction of things that we care about.”
Senate President Thomas V. Mike Miller took a different approach while speaking at a rally for slot supporters saying, “Over 200 years ago, George Washington came to this city to race his horses, to bet on the horses, the president of the United States, folks.”
He went on to say, “It’s been a part of our history, part of our culture for a long time.”
The Legislature began deliberating on the issue on Friday and a decision could be made soon as to whether the voters will get to decide the issue.