Las Vegas Sands Results Beat Wall Street Estimates on March Demand

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Las Vegas Sands Results Beat Wall Street Estimates on March Demand

Reuters2023-04-20

Las Vegas Sands Corp on Wednesday reported quarterly revenue that surpassed Wall Street estimates as March visitation levels accelerated gaming volumes, retail sales and hotel occupancy.The Las Vegas-...

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Visitation levels are still trending at about 40% of 2019 levels.Ongoing labor constraints continue to impact hotel room availability as 31% of hotels remain out of service in Macao. The company expects levels to rebound significantly by the third quarter in time for summer holiday season.The casino operator's revenue rose to $2.1 billion in the first quarter from $943 million a year earlier, which surpassed analysts' average estimate of $1.8 billion.Las Vegas Sands earned an adjusted 19 cents per share in the quarter, compared with analysts' expectations for 20 cents per share, according to Refinitiv data.WYNN Resort and MGM Resort International shares were up 3% and 2% respectively after hours trading.","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":6,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}