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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Las Vegas Sands Corp | NYSE:LVS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.22 | 0.47% | 46.87 | 47.22 | 46.5601 | 47.14 | 4,703,577 | 01:00:00 |
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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