(Reuters) – Casino operator Las Vegas Sands surpassed analysts’ expectations for first-quarter profit on Wednesday, as strong demand from its Singapore business offsets stalling market growth in Macao.
The company says market growth in Macao has softened in the current environment, as revenue from its Macao operations fell to $1.71 billion in the quarter, from $1.81 billion a year earlier.
The company’s Singapore operations, however, increased in revenue to $1.16 billion from $1.15 billion previously.
“Our new suite product and elevated service offerings position us for additional growth as travel and tourism spending in Asia expands,” CEO Robert Goldstein said.
The Las Vegas, Nevada-based company has been seeing slowing growth in its integrated resorts and casino business from its Macao properties since its previous quarters, including the Venetian Macao, which has historically been a major contributor to its net revenue.
Las Vegas Sands operates integrated resorts and casino business, such as Marina Bay Sands in Singapore, and six properties in Macao.
The company reported an adjusted profit of 59 cents per share for the quarter ended March 31. Analysts on average were expecting 57 cents per share, according to data compiled by LSEG.
Total revenue for the quarter was $2.86 billion, below the analysts’ average estimate of $2.89 billion.
(Reporting by Anshuman Tripathy and Abhinav Parmar in Bengaluru; Editing by Alan Barona)
