LOS ANGELES (Bloomberg) - Las Vegas Sands Corp., the world's largest casino operator, reported first-quarter revenue and earnings that missed analysts' estimates after gambling shrank in the key markets of Macau and Singapore.
The casino company, founded by billionaire Sheldon Adelson, reported profit fell to 66 cents a share, excluding items, according to a statement Wednesday. Analysts projected 72 cents, the average of 15 estimates compiled by Bloomberg. Revenue slumped 25 per cent to US$3.01 billion, missing estimates of US$3.19 billion.
Las Vegas Sands, like other casino operators in the Chinese enclave of Macau, has seen a sharp decline in betting from high- rollers. President Xi Jinping's crackdown on corruption has led many wealthy Chinese to cut back on conspicuous consumption.
Betting in Macau, the only place in China where casino gambling is legal, fell 37 per cent in the first quarter to 64.8 billion patacas (S$10.94 billion). The company derived 64 per cent of its revenue there last year, according to Bloomberg data.
Las Vegas Sands fell 3.5 per cent to US$54.39 in extended trading after results were announced. The stock gained 1.7 per cent to US$56.39 at the close in New York and has lost 3 percent this year.