Las Vegas Sands Shares Rise On 4Q Revenue Gain, Travel Recovery Outlook

Dow Jones2023-01-26

Shares of Las Vegas Sands Corp. increased 4.5% to $57.50 during after-hours trading on Wednesday after the destination property developer reported an 11% boost to its fourth-quarter revenue and offered an optimistic view for 2023.

The company said late Wednesday that revenue increased to $1.12 billion from $1.01 billion the year prior.

Chairman and Chief Executive Robert Goldstein said that the company remains confident that travel and tourism spending will continue to recover this year, though travel restrictions and reduced visitation weighed on results in the recent period.

Las Vegas Sands also recorded high levels of mass gaming and retail revenue at Marina Bay Sands in Singapore in the recent period.

Net loss attributable to the company widened to $169 million from $123 million the year prior.

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