Casino operator Las Vegas Sands missed analysts’ estimates for fourth-quarter profit on Wednesday, hurt by tepid performance of its Macao business.
The Las Vegas, Nevada-based company had previously flagged that it was seeing slowing growth in its integrated resorts and casino business at Macao properties, including the Venetian Macao, which contribute a major part to the company’s net revenue.
“In Macao, 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 cents per share for the quarter ended Dec. 31. Analysts on average expected 58 cents per share, according to data compiled by LSEG.
Revenue from Macao operations fell about 5 per cent to $1.86 billion.
The company’s total revenue fell marginally to about $2.9 billion, but was above analysts’ estimate of $2.87 billion.
