Sands

Net revenue at Las Vegas Sands was $857 million in the three months to the end of September, up from $446 million in the same period a year ago but well below prepandemic levels of $3.25 billion in 2019. Revenues fell short of analysts expectations, which were for more than $1.2 billion in quarterly sales, according to FactSet data.

The company reported an operating loss of $316 million, an improvement on the loss of $523 million in 2019 but far short of the $899 in operating income from the third quarter of 2019. An earnings per share (EPS) loss of $0.48 was worse than the -$0.23 expected by Wall Street.

Also read: Macau’s Review of Casino Operations Sparks a Selloff, and a Buying Opportunity

Las Vegas Sands relies on operations in Macau and Singapore—where Covid-19 outbreaks this summer dented travel and tourism—for the lion’s share of its revenue. The company said that heightened pandemic-related restrictions and reduced visitation showed a continued impact on its financial results.

“We remain confident in the eventual recovery in travel and tourism spending across our markets,” said Robert G. Goldstein, the chair and CEO of the group. “Demand for our offerings from customers who have been able to visit remains strong, but pandemic-related travel restrictions in both Macao and Singapore continue to limit visitation and hinder our current financial performance.”

The company also faces a risk over the renewal of its Macau gaming license next summer. There remains the prospect that the Chinese government will crack down on gaming in Macau—the world’s largest gambling center—and impose more onerous agreements on companies like Las Vegas Sands

News of a looming crackdown in September put intense pressure on shares of Las Vegas Sands and its Hong Kong-listed subsidiary, Sands China "> Sands China (1928.H.K.). Las Vegas Sands stock has declined more than 10% since the beginning of September while Sands China has tumbled 31%.

Source : https://www.barrons.com/articles/las-vegas-sands-stock-is-falling-as-earnings-miss-and-pandemic-restrictions-weigh-51634813832

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