Las Vegas Sands Quarterly Profit Misses Expectations

(Reuters) – Las Vegas Sands (NYSE:LVS) missed analysts' expectations for quarterly profit on Wednesday, impacted 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.

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

The Nevada-based company has been like its peers, contending with 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, negatively impacted by an overall shift in consumer preferences as travelers opted for other destinations.

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