financetom
Business
financetom
/
Business
/
Las Vegas Sands misses third-quarter profit estimates on weak Macao business
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Las Vegas Sands misses third-quarter profit estimates on weak Macao business
Oct 24, 2024 10:42 AM

(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)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Generations Bancorp Voluntarily Delisting Common Shares From Nasdaq
Generations Bancorp Voluntarily Delisting Common Shares From Nasdaq
Oct 3, 2024
06:28 AM EDT, 09/24/2024 (MT Newswires) -- Generations Bancorp (GBNY) said Tuesday it has notified the Nasdaq about its decision to voluntarily delist its common shares and withdraw the registration of common stock with the US Securities and Exchange Commission. The firm plans to file a Form 25 with the SEC on Oct. 4, the company added. After delisting, the...
Arlo Technologies Launches $50 Million Share Repurchase Program
Arlo Technologies Launches $50 Million Share Repurchase Program
Oct 3, 2024
06:19 AM EDT, 09/24/2024 (MT Newswires) -- Arlo Technologies ( ARLO ) said Tuesday its board approved a repurchase program for up to $50 million of its common shares. The share repurchase program is expected to run through the end of 2026. Price: 11.80, Change: -0.05, Percent Change: -0.42 ...
Trump Media & Technology Group Shares Fall to New Low After Insider Restrictions Expire
Trump Media & Technology Group Shares Fall to New Low After Insider Restrictions Expire
Oct 3, 2024
06:32 AM EDT, 09/24/2024 (MT Newswires) -- Trump Media & Technology Group ( DJT ) shares fell more than 10% to a new low Monday, days after insider trading restrictions imposed on insiders expired. Shares of US presidential candidate Donald Trump's social media company were mostly flat in recent Tuesday's premarket activity. Price: 12.12, Change: -0.03, Percent Change: -0.25 ...
Marriott International to Launch The Luxury Collection Hotel in Macao With Sands China
Marriott International to Launch The Luxury Collection Hotel in Macao With Sands China
Oct 3, 2024
06:37 AM EDT, 09/24/2024 (MT Newswires) -- Marriott International ( MAR ) said on Tuesday that it has partnered with Sands China to launch The Luxury Collection brand in Macao. The Luxury Collection Hotel, Macao, which is set to open in January 2025, will be located on the Cotai Strip. The hotel is about 4.9 kilometers from Macau International Airport...
Copyright 2023-2026 - www.financetom.com All Rights Reserved