Las Vegas Sands misses profit estimates on weakness in Macao business

Las Vegas Sands

29/01/2025 22:25

Jan 29 (Reuters) - Casino operator Las Vegas Sands
 LVS.N  missed analysts' estimates for fourth-quarter profit on
Wednesday, hurt by tepid performance of its Macao business.
    The Las Vegas, Nevada-based company had previously flagged
that it was seeing slowing growth in its integrated resorts and
casino business at Macao properties, including the Venetian
Macao, which contribute a major part to the company's net
revenue.
    "In Macao, the ongoing recovery continued during the
quarter, although spend per visitor in the market remains below
the levels reached prior to the pandemic," said CEO Robert
Goldstein.
    Las Vegas Sands posted an adjusted profit of 54 cents per
share for the quarter ended Dec. 31. Analysts on average
expected 58 cents per share, according to data compiled by LSEG.
    Revenue from Macao operations fell about 5% to $1.86
billion.
    The company's total revenue fell marginally to about $2.9
billion, but was above analysts' estimate of $2.87 billion.

 (Reporting by Anshuman Tripathy and Nathan Gomes in Bengaluru;
Editing by Shilpi Majumdar)
 ((Anshuman.Tripathy@thomsonreuters.com))