Las Vegas Sands (NYSE: LVS) was down 10% in premarket trade Wednesday after lackluster quarterly results and the stock’s decline was set to weigh on a gaming exchange traded fund (ETF).
“While the quarter reflected stronger than expected results in Macau, Singapore and Las Vegas were softer than expected on a hold-adjusted basis,” said Jefferies analyst David Katz. “As such, we believe the regulatory overhang should limit the Street’s willingness to give Las Vegas Sands the benefit of the doubt and view the results as bearish for the shares.”
Las Vegas Sands is the largest holding in Market Vectors Gaming ETF (NYSEArca: BJK) at 12% of the portfolio. The ETF is up about 11% so far this year.
Market Vectors Gaming ETF
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