FMP
Oct 24, 2024 4:13 PM - Davit Kirakosyan
Image credit: FMP
Las Vegas Sands (NYSE:LVS) reported third-quarter earnings that missed analyst estimates, driven by declining revenue and operational challenges. The casino operator posted adjusted earnings per share of $0.44, falling short of the expected $0.54. Revenue dropped to $2.68 billion, below the projected $2.79 billion, and down from $2.80 billion in the same quarter last year.
The company's results were impacted by weaker performance in Singapore and disruptions from ongoing development in Macao. Revenue at Marina Bay Sands in Singapore fell to $919 million, down from $1.02 billion a year ago, largely due to low hold on rolling play, which negatively affected adjusted property EBITDA by $78 million.
In Macao, net revenue saw a slight decline, coming in at $1.77 billion compared to $1.79 billion in the same period last year. Las Vegas Sands noted that visitation to Macao remains below pre-pandemic levels, though the recovery is ongoing.
Consolidated adjusted property EBITDA decreased to $991 million from $1.12 billion in the prior year, reflecting the challenges the company faced across its key markets. Despite the shortfalls, Las Vegas Sands emphasized its commitment to executing its strategic objectives as the business navigates the ongoing recovery.
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