LAS VEGAS (AP) – Las Vegas Sands’ third-quarter profit dropped 23 percent, burdened by its luxury casino business in Macau, the gambling enclave in China that has seen fewer VIP gamblers as a result of the government’s anti-corruption crackdown.
But the casino operator’s profit still topped Wall Street’s expectations and its shares rose in after-hours trading.
The Las Vegas-based company said it had net income of $519.4 million, or 65 cents per share, up from $671.7 million, or 83 cents a share a year ago. Earnings, adjusted for non-recurring costs, were 66 cents per share in the latest quarter.
The adjusted results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 63 cents per share.
The company posted revenue of $2.89 billion in the period, falling short of Street forecasts. Five analysts surveyed by Zacks expected $2.97 billion.
Its stock was up $2, or 4 percent, to $48.84 in extended trading following the earnings release.
Las Vegas Sands shares have fallen almost 20 percent since the beginning of the year through the close of regular-session trading Wednesday.
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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LVS at http://www.zacks.com/ap/LVS
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Copyright 2015 The Associated Press.
