Las Vegas Sands Corp. posted second-quarter earnings that missed analysts’ estimates as gains in Macau failed to overcome lower house winnings in Singapore.
The company, founded by billionaire Sheldon Adelson, reported second-quarter profit edged up to 74 cents a share, excluding some items, trailing expectations of 78 cents.
Fewer bets and a lower win percentage trimmed results at the Marina Bay Sands in Singapore, the company said. Industrywide revenue in Macau stayed strong despite fears that the World Cup or a brewing trade war with the U.S. would keep visitors away. Betting in Macau rose 17 percent to MOP73.7 billion (USD9.12 billion) in the quarter.
Shares of Las Vegas Sands fell as much as 5.4 percent to $71.10 in extended trading. The stock is up 8.1 percent this year.
Revenue at Las Vegas-based Sands rose 6.2 percent to $3.3 billion, exceeding the $3.28 billion projected by Wall Street.
In Macau, Sands’ earnings totaled $750 million, compared with the $751 million average of estimates compiled by Bloomberg. The enclave is the company’s biggest market, at 59 percent of revenue.
Profit in Singapore, where Sands does about a fourth of its business, slumped 25 percent, while earnings in Las Vegas fell 2.5 percent. Bloomberg
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