Las Vegas Sands Shares Jumped 6% on Q3 Profit, $2B In Share Buybacks
$Las Vegas Sands Corp (LVS)$ reported better-than-expected profit and revenue for the third quarter on Wednesday, as ongoing ramp up of outbound tourism to Macau and Singapore spurred gaming volumes and retail sales.
Shares of the casino operator, which has operations in Macau and Singapore, rose 6% in premarket trading.
Both Macau and Singapore have seen tourism soar after pandemic restrictions eased, with visitation to Macau surpassing three million in August for the first time since the pandemic.
With tourism close to pre-pandemic levels, Las Vegas Sands has benefited from a business mix comprising a greater share of the mass segment as opposed to VIP in its properties – Marina Bay Sands in Singapore and The Londoner and The Venetian in Macau.
"We were pleased to see the recovery in travel and tourism spending in both Macao and Singapore progress during the quarter," CEO Robert Goldstein said in a statement.
The company's operating capacity now stands at about 12,000 rooms, as hotel occupancy rates increase.
The company's revenue rose to $2.80 billion in the quarter ended Sept. 30, up from $1.01 billion a year earlier, and above analysts' estimates of $2.72 billion as per LSEG data.
Adjusted earnings came in at 55 cents per share, while analysts on average expected earnings of 54 cents per share.
After reinstating its quarterly dividend last quarter, the company said it authorized increasing its stock buyback plan to $2 billion from $916 million, and extended the duration to Nov. 3, 2025.
The company said it would resume its share repurchase program in Q4.
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