Las Vegas Sands misses Q3 estimates with visitation to Macao below pre-COVID levels

LAS VEGAS – Las Vegas Sands Corp. (NYSE:) reported third quarter earnings that fell short of analyst expectations, as revenue declined from the prior year.

The casino operator posted adjusted earnings per share of $0.44, missing the consensus estimate of $0.54. Revenue came in at $2.68 billion, below analyst projections of $2.79 billion and down from $2.80 billion in the same quarter last year.

“Although our reported financial results for the quarter reflected lower than expected hold in Singapore and the impact of disruption from our ongoing development work at the Londoner in Macao, we continued to execute our strategic objectives during the quarter,” said Robert G. Goldstein, chairman and CEO.

Revenue at Marina Bay Sands in Singapore fell to $919 million from $1.02 billion a year ago, impacted by low hold on rolling play that negatively affected adjusted property EBITDA by $78 million.

In Macao, net revenue declined slightly to $1.77 billion from $1.79 billion in Q3 2023. The company said visitation to Macao remains below pre-pandemic levels as the recovery continues.

Consolidated adjusted property EBITDA dropped to $991 million from $1.12 billion in the prior year period.

Las Vegas Sands repurchased $450 million of its common stock during the quarter. The company’s board authorized an additional $2 billion in future share repurchases and raised the annual dividend to $1.00 per share for 2025.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.