A gaming sector exchange traded fund (ETF) was down more than 1% in early trading Wednesday following disappointing quarterly earnings from top holding Las Vegas Sands (NYSE: LVS).
The stock slipped 6% in morning trade after Las Vegas Sands reported quarterly earnings that fell short of Wall Street expectations.
“Despite the revenue miss, margins were essentially in line with our expectations,” said Citadel Securities in a report. “Weakness in Las Vegas was offset by solid results in Macau and Singapore.”
Las Vegas Sands is the largest holding in Market Vectors Gaming ETF (NYSEArca: BJK) at 12% of the portfolio. The ETF has gained about 11% so far this year.