Las Vegas Sands Corp, a prominent casino operator, exceeded Wall Street expectations for first-quarter profit, attributing its success to sustained tourist activity in Macau and robust performance in its Singapore operations, particularly at the Marina Bay Sands.
The Nevada-based company anticipates continued growth, propelled by ongoing capital investment initiatives in both the Macau and Singapore markets.
In China, the company’s business flourished as tourism gradually approached pre-pandemic levels following the relaxation of pandemic-related restrictions in Macau, a key gambling destination.
Benefitting from strong tenant sales and robust mass gaming activity, Marina Bay Sands reported an adjusted property EBITDA of $597 million.
CEO Robert Goldstein expressed satisfaction with the quarter’s financial and operational performance, highlighting significant growth in both Macau and Singapore.
Total revenue for the quarter that ended March 31 surged to $2.96 billion, marking a notable increase from $2.12 billion recorded a year earlier, surpassing analysts’ projections of $2.94 billion, according to LSEG data.
Adjusted earnings per share stood at 75 cents, outperforming the consensus estimate of 62 cents per share among analysts.
