Las Vegas Sands Beats Earnings Estimates As Singapore, Macau Drive Revenue Growth

Reuters

07-24

Casino operator Las Vegas Sands beat analysts' expectations for second-quarter profit and revenue on Wednesday, driven by strength in its Singapore and Macau businesses, sending its shares up 5.6% in premarket trading.

Total revenue rose 36% to $1.4 billion from its Singapore operations and 2.5% to $1.8 billion from its Macau operations, the company said.

"We remain enthusiastic about our opportunities to deliver industry-leading growth in both Macau and Singapore as we realize the benefits from our recently completed capital investment programs in both markets," CEO Robert Goldstein.

The company posted a quarterly profit of 79 cents per share. Analysts on average were expecting a profit per share of 53 cents, according to data compiled by LSEG.

Total revenue for the quarter ended June 30 rose 15% to $3.18 billion from a year earlier. Analysts, on average, expected revenue of $2.83 billion in the second quarter, as per data compiled by LSEG.

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