Las Vegas Sands reported a decline in second-quarter profit and revenue, with gambling revenue from Macau falling due to low hold percentages and shifts in player spending. Shares fell about 6% in extended trading.
The results highlight the ongoing challenges in the Macau gaming market, impacting the financial performance of major casino operators and potentially signaling broader trends in Asian tourism and gambling revenue.
Casino operator Las Vegas Sands reported a decline in second-quarter profit and revenue, with its Macau operations experiencing weakness. The company's total revenue from Macau operations marginally fell from a year earlier to $1.79 billion. Overall quarterly revenue decreased by 0.7% to $3.15 billion, and profit was $373 million, or 53 cents per share, down from $519 million, or 66 cents per share, a year ago. The decline in Macau was attributed to unusually low hold in rolling play and bettors shifting spending to the FIFA World Cup, compounded by cryptocurrency weakness and tighter capital flow controls. Shares of the Nevada-based company fell approximately 6% in extended trading. Las Vegas Sands operates integrated resorts and casinos, including Marina Bay Sands in Singapore and six properties in Macau, such as The Venetian Macau.