NEW YORK - Shares of Las Vegas Sands Corp. (NYSE: NYSE:LVS) fell 3.3% following the announcement of their second quarter financial results, which missed analyst expectations on both earnings per share (EPS) and revenue fronts.
The global developer and operator of Integrated Resorts reported a Q2 EPS of $0.55, falling short of the consensus estimate of $0.59 by $0.04. Revenue also lagged behind analyst projections, coming in at $2.76 billion against an anticipated $2.82 billion.
The company's financial results revealed a year-over-year (YoY) increase in net revenue from $2.54 billion in the second quarter of 2023 to $2.76 billion in the same period of 2024. Despite this growth, the market's reaction was negative due to the earnings and revenue shortfall relative to expectations.
Chairman and CEO Robert G. Goldstein commented on the quarter's performance, highlighting growth in both Macao and Singapore compared to the previous year. He pointed out the ongoing recovery in Macao, although visitation numbers have not yet returned to pre-pandemic levels. Goldstein also emphasized the strong financial and operating performance at Marina Bay Sands in Singapore, attributing it to new suite products and enhanced service offerings.
Las Vegas Sands also continued its capital return to shareholders, repurchasing $400 million of its common stock during the quarter.
The company's financial strength and cash flow were underscored as supporting ongoing investments and capital expenditure programs in Macao and Singapore, as well as growth opportunities in new markets.
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