Skift Take
Las Vegas Sands has outperformed analysts' expectations in the first quarter of 2023 — even without the expected boost from China's tourism spend, which has yet to rebound fully.
Las Vegas Sands Corp on Wednesday reported quarterly revenue that surpassed Wall Street estimates due to recovery in mass gaming and tenant sales.
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 percent 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 CEO.
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. Copyright (2023) Thomson Reuters. Click for restrictions.
This article was written by Doyinsola Oladipo from Reuters and was legally licensed through the Industry Dive Content Marketplace. Please direct all licensing questions to [email protected].
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Tags: china, gaming, las vegas sands, macau, singapore
Photo credit: Marina Bay Sands Singapore. Picture: Someformofhuman/Wikimedia https://commons.wikimedia.org/wiki/File:Marina_Bay_Sands_in_the_evening_-_20101120.jpg Someformofhuman / Wikimedia
