Las Vegas Sands Q1 profit falls, Singapore down 34%

[LOS ANGELES] Las Vegas Sands Corp, the world's largest casino operator, fell as much as 7.9 per cent in extended trading after first-quarter earnings missed analysts' estimates amid slumping results in Macau, its biggest market.

Profit fell to 45 US cents a share, excluding some items, Las Vegas-based Sands said Wednesday in a statement, missing the 63 US cents average of analysts' estimates compiled by Bloomberg.

Revenue shrank 9.8 per cent to US$2.72 billion, missing projections of US$2.88 billion.

The company, like others operating in the Chinese enclave of Macau, has been coping with a sharp decline in betting by high-rollers. The Chinese government's crackdown on corruption, coupled with a slowing domestic economy, has led to a multi-year slump at the baccarat tables.

Las Vegas Sands tumbled 7 per cent to US$48.52 in extended trading after dropping as low as US$48.05. The stock lost 0.6 per cent to US$52.18 at the close in New York and has advanced 19 per cent this year.

Other Macau casino shares also fell, including Melco Crown Ltd and Wynn Resorts Ltd.

Sands' earnings before interest, taxes, depreciation and amortization at its Macau resorts decreased 2.5 per cent to US$517.9 million.

Profit in Singapore, which also caters to Chinese customers, declined 34 per cent to US$274.9 million.

In Las Vegas, the company's Ebitda rose 17 per cent to US$86.9 million.

BLOOMBERG