(Reuters) – Las Vegas Sands missed analysts’ expectations for quarterly profit on Wednesday, hit by an ongoing renovation of its London casino in Macao and lower-than-expected income per table in Singapore.
The casino operator posted a quarterly profit of 44 cents per share. Analysts on average had expected earnings of 53 cents per share, according to LSEG data.
“In Macau, the ongoing recovery continued during the quarter, although attendance remains below pre-pandemic levels,” said CEO Robert Goldstein.
The Nevada-based company, like its peers, has been struggling with slowing growth in its integrated resorts and casino operations from its six properties in Macau, including the Venetian Macao.
Macau also saw a disappointing pandemic recovery in the gambling industry, hit by a general shift in consumer preferences as travelers moved to other destinations.
Total quarterly revenue fell 4% from a year earlier to $2.68 billion, lower than analyst estimates of $2.78 billion.
(Reporting by Anshuman Tripathy in Bengaluru; Editing by Sriraj Kalluvila)
