Jim Cramer on Las Vegas Sands: "It Looks Like Wealthy Chinese Consumers Are Still Hesitant to Spend Heavily"

Las Vegas Sands Corp. (NYSE:LVS) is one of the noteworthy S&P 500 stocks Jim Cramer highlighted. Cramer noted the stock’s recent decline during the episode, as he said:

Finally, the eighth worst performer last month was Las Vegas Sands. That’s the casino company that’s now exclusively a play on Macau and Singapore. Stock sank 19% last month in large part because they did report a disappointing quarter last Wednesday with weak margins in Macau, thanks to elevated promotional spending.

It looks like wealthy Chinese consumers are still hesitant to spend heavily, perhaps because the real estate market’s doing so badly there…. There’s nothing particular that makes me understand why things were really that bad there. As I said on Friday, I’m skeptical of the gambling industry right now. Even if I were willing to take a chance on a bounce, I’d rather do it with a company that gets most of its business from the United States. I do like Wynn, for instance.

Las Vegas Sands Corp. (NYSE:LVS) owns and operates resorts that include hotels, casinos, and retail malls. The properties also provide convention facilities, restaurants, and entertainment venues.

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Disclosure: None. This article is originally published at Insider Monkey.