Las Vegas Sands misses profit estimates on weakness in Macau business

CASINO operator Las Vegas Sands missed analysts’ estimates for fourth-quarter profit on Wednesday (Jan 29), hurt by tepid performance of its Macau business.

The Las Vegas, Nevada-based company had previously flagged that it was seeing slowing growth in its integrated resorts and casino business at Macau properties, including the Venetian Macao, which contribute a major part to the company’s net revenue.

“In Macau, 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 US cents per share for the quarter ended Dec 31. Analysts on average expected 58 US cents per share, according to data compiled by LSEG.

Revenue from Macau operations fell about 5 per cent to US$1.86 billion.

The company’s total revenue fell marginally to about US$2.9 billion, but was above analysts’ estimate of US$2.87 billion.