Las Vegas Sands results beat Wall Street estimates

By Doyinsola Oladipo



The logo of Las Vegas Sands Corp is pictured at the Japan IR EXPO in Yokohama


© Thomson Reuters
The logo of Las Vegas Sands Corp is pictured at the Japan IR EXPO in Yokohama

NEW YORK (Reuters) -Las Vegas Sands Corp on Wednesday reported quarterly revenue that surpassed Wall Street estimates due to recovery in mass gaming and tenant sales.

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The Las Vegas-based casino operator said traffic is rebounding in Singapore and Macao, and it expects further improvement in travel and tourism spending from China as airline capacity rebounds.

Shares of the casino operator rose 4.3% in trading after the bell.

“While travel restrictions and reduced visitation continued to impact our financial performance during the quarter, a robust recovery in travel and tourism spending across our markets is now underway,” said Robert G. Goldstein, Las Vegas Sands chief executive officer.

The casino operator’s revenue rose to $2.1 billion in the first quarter from $943 million a year earlier, which surpassed analysts’ average estimate of $1.8 billion.

Las Vegas Sands earned an adjusted 19 cents per share in the quarter, compared with analysts’ expectations for 20 cents per share, according to Refinitiv data.

(Reporting by Doyinsola Oladipo in New York; Editing by Chris Reese)

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