Las Vegas Sands Stock Rises On Q4 Mixed Earnings: Retail's Upbeat
Synopsis
The casino operator posted revenues of $2.90 billion, beating estimates of $2.85 billion.
Shares of Las Vegas Sands Corp/($LVS) surged more than 7% in after-hours trading on Wednesday after the casino and luxury hotels chain reported a fourth-quarter revenue beat, reviving retail sentiment.
Las Vegas Sands, which operates the luxury hotel Marina Bay Sands in Singapore, posted revenues of $2.90 billion, beating estimates of $2.85 billion, according to Fly.com
However, earnings per share came in at $0.54, missing estimates of $0.58, Fly.com reported. Fourth-quarter net income fell to $324 million in the fourth quarter compared with $382 million in the same period last year. The company cited ongoing recovery in Macao among factors that drove the performance.
"We continued to execute our strategic objectives during the quarter. We remain enthusiastic about our opportunities to deliver industry-leading growth in both Macao and Singapore in the years ahead as we execute our capital investment programs in both markets," Robert G. Goldstein, chairman and CEO said. "In Macao, the ongoing recovery continued during the quarter, although spend per visitor in the market remains below the levels reached prior to the pandemic.”
Goldstein added that Singapore, home to Marina Bay Sands, continued to deliver outstanding financial and operating performance for the company. The company is banking on new products and services for additional growth as travel and tourism spending in Asia expands.
Sentiment on Stocktwits turned ‘extremely bullish’ from ‘bearish’ a day ago, with one user optimistic about the larger casino rebound. Message volumes were in the ‘extremely high’ zone compared to high.
Las Vegas Sands' portfolio of properties includes Marina Bay Sands in Singapore and The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, and Sands Macao in Macao SAR, China, through majority ownership in Sands China Ltd.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business.