Las Vegas Sands misses third-quarter profit estimates on weak Macao business

Las Vegas Sands

23/10/2024 21:45

Oct 23 (Reuters) - Las Vegas Sands  LVS.N  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. 

 (Reporting by Anshuman Tripathy in Bengaluru; Editing by Sriraj
Kalluvila)
 ((Anshuman.Tripathy@thomsonreuters.com;))