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Las Vegas Sands misses third-quarter profit estimates on weak Macao business
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Las Vegas Sands misses third-quarter profit estimates on weak Macao business
Oct 24, 2024 9:31 AM

Oct 23 (Reuters) - Las Vegas Sands ( LVS ) missed

analysts' expectations for quarterly profit on Wednesday, hit by

an ongoing renovation at its Londoner casino in Macao and

lower-than-expected per table income in Singapore.

The casino operator posted a quarterly profit of 44 cents

per share. Analysts on average had expected a profit of 53 cents

per share, according to data compiled by LSEG.

"In Macao, the ongoing recovery continued during the

quarter, although visitation to the market remains below the

levels reached prior to the pandemic," said CEO Robert Goldstein

The Nevada-based company, like its peers, has been

contending slowing growth in its integrated resorts and casino

business from its six Macau properties including the Venetian

Macao.

Macau has also had a disappointing pandemic recovery in the

gambling industry, hurt by an overall shift in consumer

preferences as travelers shifted to other destinations.

Total quarterly revenue fell 4% to $2.68 billion from a year

earlier, coming below analysts' estimate of $2.78 billion.

(Reporting by Anshuman Tripathy in Bengaluru; Editing by Sriraj

Kalluvila)

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