Las Vegas Sands Q1 profit falls, Singapore down 34%
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[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.
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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
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