Las Vegas Sands Corp, the world’s largest casino by market value, lost a bunch of money because you people are really good at blackjack, says Bloomberg.
At the Las Vegas Venetian, earnings dropped 19 percent to $58.3 million. The casino’s winning percentage in baccarat, blackjack and other games was 14.7 percent, below its forecast range of 20 to 22 percent and last year’s winning percentage of 23.4 percent. Gamblers also won more than forecast at the Sands Macao.
The lower winning percentage accounted for a $33.5 million shortfall in earnings before taxes and other costs, said Lawrence Klatzkin, an analyst at Jefferies & Co. in New York.
Whoops. Gambling is risky, even for casinos.
Las Vegas Sands Posts Unexpected Loss as Gamblers Win (Update4) [Bloomberg]