Las Vegas Sands Set To Post Q3; Macau Woes Weighing

Las Vegas Sands Corp. (NYSE: LVS) investors will get a look at third quarter earnings later Wednesday amid a backdrop of ailing conditions at casinos in Macau.

Sands' shares are down more than 20 percent in the past three months and the company depends on its operations in the former Portuguese colony for nearly 70 percent of its revenue.

Although troubles in Macau related to a crackdown on corruption on the Chinese mainland have been known for months, Wall Street continues to trim forecasts for total gambling revenue there.

Related Link: Las Vegas Sands' China Woes

On Wednesday, Barclays' Phobe Tse cut her 2014 Macau gross gaming revenue forecast to a decline of 1 percent, from her previous estimate of 5 percent growth for the full year.

Tse sees Sands gaining market share at the gambling mecca with its expanding Cotai Sands Cotai Central casino project.

Next year isn't looking much better. Citigroup analysts on Monday trimmed their 2015 outlook for Macau revenue growth to 1 percent from an earlier 10 percent, although they forecast spending will roar back in 2016 with growth of 20 percent.

Also this week, Daiwa's Jaimie Soo cut an overall rating on the Macau casino industry to Neutral, from Positive. Soo sees the penninsula's gaming revenue
falling 7 percent next year, from an earlier forecast for growth of 11 percent.

Wall Street expects Sands will post third-quarter earnings of $0.85 per share on revenue of $3.68 billion -- nearly unchanged from the recent second quarter.

Las Vegas Sands traded recently at $60.22 per share, up 1 percent.