Sands Says Renovations Will Impact Macau Results This Year

Bloomberg04-18

Las Vegas Sands Corp. said renovations at an entertainment center and a hotel in Macau will crimp results this year, sending the shares lower in extended trading.The casino and resort company closed ...

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The property held 12 shows in the first quarter compared with 31 in the fourth quarter. Sands also plans to renovate its Londoner hotel, losing up to 600 rooms.The renovations will mostly impact results this summer, the company said Wednesday, with a return to normal business at the arena in November and the hotel by May 2025. Sands is in the middle of a $4.5 billion capital spending program in Macau, its biggest market, following the government’s renewal of licenses there.“There will be disruption,” President Patrick Dumont said on a conference call. “I can’t quantify it for you, but it’s not going to be immaterial.”The shares were down about 3% to $48.7 in after-hours trading.The Las Vegas-based company reported first-quarter sales and profit that exceeded analysts’ projections as Macau’s casino industry continued its recovery from pandemic-related restrictions.Sales grew 40% to $2.96 billion, the company said, topping the $2.93 billion average of estimates compiled by Bloomberg. Adjusted earnings rose to 75 cents a share, ahead of Wall Street projections for 60 cents.Revenue from the company’s five Macau casinos rose 42% in the quarter, which was marked by the popular Chinese New Year holiday. Sales in Singapore, where Sands own one casino, rose 37%.The company, which is controlled by the family of the late Sands founder Sheldon Adelson, bought back $450 million of its shares during the period.Chief Executive Officer Rob Goldstein said he was “disappointed” that a decision for three new New York City-area casinos may be delayed. 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