Las Vegas Sands Misses Third-Quarter Profit Estimates on Weak Macao Business

Reuters10-24

(Reuters) - Las Vegas Sands missed analysts' expectations for quarterly profit on Wednesday, hit by an ongoing renovation at its Londoner casino in Macao and lower-than-expected per table income in Singapore.

The casino operator posted a quarterly profit of 44 cents per share. Analysts on average had expected a profit of 53 cents per share, according to data compiled by LSEG.

"In Macao, the ongoing recovery continued during the quarter, although visitation to the market remains below the levels reached prior to the pandemic," said CEO Robert Goldstein

The Nevada-based company, like its peers, has been contending slowing growth in its integrated resorts and casino business from its six Macau properties including the Venetian Macao.

Macau has also had a disappointing pandemic recovery in the gambling industry, hurt by an overall shift in consumer preferences as travelers shifted to other destinations.

Total quarterly revenue fell 4% to $2.68 billion from a year earlier, coming below analysts' estimate of $2.78 billion.

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