Posts Tagged ‘Miriam Adelson’

Investors Weary of Adelson’s Romney-Love

Focus on politics coincides with downgraded LV Sands stock

by , Aug 6, 2012 | 10:10 am

A few days after Las Vegas Sands Corp. disappointed investors with quarterly earnings declines that sent the company’s share price tumbling and had analysts breaking out in a cold sweat, Chairman and CEO Sheldon Adelson jetted to Israel to watch presumptive Republican presidential nominee Mitt Romney deliver a speech in Jerusalem.

“It was a great speech. Loved it,” Adelson told Bloomberg News.

In Israel, he was treated like a rock star. Adelson, 78, was swarmed by Israeli citizens, Romney donors, and the press as he slowly made his way to his wheelchair after the speech.

Back in the U.S., Argus Research downgraded its view of Las Vegas Sands stock. The firm placed a Hold recommendation on the shares, a change from its previous Buy rating.

The weaker outlook reflected Argus’ concerns that revenues and profits from Las Vegas Sands’ four Macau casino developments were in trouble. During the quarter, net income from Macau declined 40 percent. Argus said the Chinese economy seems to be slowing. Also, results from the first phase of the company’s $4.4 billion Sands Cotai Central were lower than expected.

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