is having the exact opposite experience that Wynn Resorts (WYNN)

this earnings season.  As I type it is enjoying a 16% kick to the teeth in the after hours session.  This is the

expectations were too high, so I think management needs to do a better job setting the bar low so LVS can enjoy the "better than expected" Wall Street earnings game.

On a purely technical basis, the stock is going to be hurt by this gap down but for those with quite long term time horizons, the move to the 200 day moving average provides an attractive long term area to make a stand.  The next area of support is $36ish, which are the mid March lows; as long as the stock did not break below that it would seem attractive to me "long term".

As for the report, LVS reported 37 cents vs 44 cent expectation.  Revenue was more or less in line.  A big drag seemed to be occupancy rates, but on the positive side the revenue from each room increased substantially - much like Wynn.

On a full year basis the $1.80 EPS expected could be dropped to say $1.75, and at $40, the stock is much more attractive at about 22x forward estimates than when it trades at $50+.  Asia continues to grow like gangbusters.  Their tax rate is a concern - only 11% across the globe (17% in Singapore), I would assume at some point forward that has to increase. :)

Full report

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