{"id":38066,"date":"2023-07-20T05:35:53","date_gmt":"2023-07-20T09:35:53","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/las-vegas-sands-second-quarter-revenue-beats-wall-street-estimates\/"},"modified":"2023-07-20T05:35:55","modified_gmt":"2023-07-20T09:35:55","slug":"las-vegas-sands-second-quarter-revenue-beats-wall-street-estimates","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=38066","title":{"rendered":"Las Vegas Sands second-quarter revenue beats Wall Street estimates"},"content":{"rendered":"
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\u00a9 Reuters. The logo of Las Vegas Sands Corp is pictured at the Japan IR EXPO in Yokohama, Japan January 29, 2020. REUTERS\/Kim Kyung-Hoon<\/span>
\n<\/i>\n<\/div>\n

By Doyinsola Oladipo<\/p>\n

NEW YORK (Reuters) -Las Vegas Sands Corp’s second-quarter revenue exceeded Wall Street estimates, benefiting from non-gaming programming in Macao as tourism rebounds from China’s loosening of its zero-COVID policy and mass gaming reaching another record in Singapore.<\/p>\n

The casino operator’s revenue rose to $2.5 billion in the second quarter from $1.05 billion a year earlier, which surpassed analysts’ average estimate of $2.39 billion.<\/p>\n

“We were pleased to see the robust recovery in travel and tourism spending underway in both Macao and Singapore progress during the quarter,” Robert G. Goldstein, Las Vegas Sands <\/span><\/span> (NYSE:) chief executive officer said in a statement. <\/p>\n

Casino operators with a presence in Macao, located off China’s coast, are looking to increase margins by leaning on non-gaming activities like entertainment, retail, and food to increase revenue as people are still visiting at levels below pre-pandemic levels. <\/p>\n

Shares of the casino operator fell about 2.8% in trading after the bell.<\/p>\n

Renovation disruptions in Singapore are affecting the company’s margins at its only Singapore location and air travel from China remains below pre-pandemic levels, the company told investors on a call. The company operates 5 properties in Macao. <\/p>\n

Las Vegas Sands resumed its dividend and will pay out 20 cents per common share, with the first dividend to be paid on Aug. 16. <\/p>\n

There may be some disappointment that dividends and share repurchases might be more balanced moving forward when compared to pre-pandemic which was more focused on dividends, said Morningstar analyst Dan Wasiolek. <\/p>\n

The company earned an adjusted 41 cents per share in the quarter, missing analysts’ average expectations for 43 cents per share, according to Refinitiv data. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. The logo of Las Vegas Sands Corp is pictured at the Japan IR EXPO in Yokohama, Japan January 29, 2020. REUTERS\/Kim Kyung-Hoon By Doyinsola Oladipo NEW YORK (Reuters) -Las Vegas Sands Corp’s second-quarter revenue exceeded Wall Street estimates, benefiting from non-gaming programming in Macao as tourism rebounds from China’s loosening of its zero-COVID […]<\/p>\n","protected":false},"author":1,"featured_media":20309,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-38066","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nLas Vegas Sands second-quarter revenue beats Wall Street estimates | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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