Las Vegas Sands Revenue, Profit Hurt by Macau Weakness

By Chelsea Dulaney 

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 [e-mail]

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(END) Dow Jones Newswires

October 21, 2015 17:04 ET (21:04 GMT)

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