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Macao Slumps, LVS Shares Tumble Despite Profit Rise
30 Jan
Summary
- Las Vegas Sands shares fell due to Macao market's disappointing results.
- The company reported higher overall profit and revenue in the fourth quarter.
- Singapore's Marina Bay Sands resort showed significant strength.
Las Vegas Sands saw its stock price decline in late trading as results from its Macao operations fell short of expectations. The casino operator reported higher overall profit and revenue for the fourth quarter, with its Marina Bay Sands resort in Singapore demonstrating notable strength.
During the fourth quarter, Las Vegas Sands generated adjusted earnings before interest, taxes, depreciation, and amortization of $608 million from Macao. Company executives expressed disappointment with this figure, noting increased investment in event costs and payroll expenses.
Despite the Macao challenges, the company's overall financial performance was positive. Profit for the quarter reached $395 million, or 58 cents a share, an increase from the previous year. Revenue climbed to $3.65 billion from $2.9 billion, surpassing analyst estimates.
