Las Vegas Sands (LVS) - Get Las Vegas Sands Corp. Report reported weaker-than-expected results for the first quarter and said ongoing travel limits, particularly in Asia, continue to weigh on its performance.
The casino titan posted a net loss of $342 million, or 36 cents per share, widening from a $51 million loss, or near breakeven, a year ago. The FactSet analyst consensus called for a loss of 26 cents in the latest quarter.
Revenue totaled $1.2 billion, down 15% from $1.42 billion last year. The analyst consensus called for $1.33 billion this year.
The pandemic has hammered Las Vegas Sands and other casino companies, keeping would-be visitors at home.
The company’s shares fell in after-hours trading, losing 46 cents, or 0.76%, to $60.30. The stock has jumped 32% in the last six months amid optimism that vaccine rollouts will lead to economic re-openings, release pent up demand and spark a rebound in the travel and tourism industry.
"We remain confident in the eventual recovery in travel and tourism spending across our markets," said Robert G. Goldstein, Las Vegas Sands chairman and chief executive officer, in a statement. "Demand for our offerings from our customers who have been able to visit remains robust, but pandemic-related travel restrictions, particularly in Macao and Singapore, continue to limit visitation and hinder our current financial performance," he added.
Last month, Jefferies upgraded Sands to buy from hold, raising its price target to $50 from $36.
Also in March, Sands struck a deal to sell its Las Vegas real estate properties and gambling operations to Apollo Global Management APO for $6.25 billion.