Las Vegas Sands Profit Hurt by Macau Weakness
October 21 2015 - 5:30PM
Dow Jones News
Las Vegas Sands Corp. on Wednesday reported a
smaller-than-expected slide in profit for its third quarter, though
revenue tumbled 18% amid continued weakness in Macau.
Shares of the company added 2.5% in after-hours trading.
Las Vegas Sands said Macau remains challenging, particularly in
high-end and VIP gaming. A corruption crackdown and weakening
economy on the mainland have cut into business in Macau, the only
place in China where casinos are legal. Casino operators have been
re-evaluating costs amid the pressures on their revenue and
margins.
Third-quarter revenue at the Sands China business slid 29% to
$1.66 billion. Profit in the segment plunged 47% to $343.2
million.
The company's U.S. properties include the Venetian in Las Vegas
and Pennsylvania's Sands Bethlehem.
Overall, Las Vegas Sands reported a profit of $519.4 million, or
65 cents a share, down from $671.7 million, or 84 cents a share, a
year earlier.
Excluding pre-opening expenses and other items, per-share
earnings fell to 66 cents from 84 cents a year earlier.
Revenue dropped to $2.89 billion from $3.53 billion a year
earlier.
Analysts polled by Thomson Reuters expected per-share profit of
64 cents and revenue of $2.97 billion.
Write to Chelsea Dulaney at chelsea.dulaney@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 21, 2015 17:15 ET (21:15 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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