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Las Vegas Sands results beat estimates on strength in Singapore business

Published 04/17/2024, 05:12 PM
Updated 04/17/2024, 05:15 PM
© Reuters.

(Reuters) - Casino operator Las Vegas Sands (NYSE:LVS) Corp 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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