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Las Vegas Sands results beat estimates on strength in Singapore business
Apr 17, 2024 2:34 PM

April 17 (Reuters) - Casino operator Las Vegas Sands

Corp ( LVS ) beat Wall Street estimates for first-quarter profit

on Wednesday, bolstered by steady tourist activity in Macau and

strength in its Singapore business, driven by operations at the

Marina Bay Sands.

The Nevada-based company said it expects further growth as

it executes capital investment programs across both Macau and

Singapore markets.

The company's China business benefited as tourism inched

closer to pre-pandemic levels as the country eased the

pandemic-related restrictions in gambling hub Macau.

Driven by high levels of performance in tenant sales and

mass gaming, the company reported adjusted property EBITDA of

$597 million at Marina Bay Sands.

"We were pleased with our financial and operating results

for the quarter, which reflect strong growth in both Macau and

Singapore," CEO Robert Goldstein said in a statement.

Revenue rose to $2.96 billion for the quarter ended March

31, up from $2.12 billion a year earlier, surpassing analysts'

estimates of $2.94 billion as per LSEG data.

Adjusted earnings came in at 75 cents per share, while

analysts on average expected earnings of 62 cents per share.

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