Fri. Jun 21st, 2024

Casino stocks jumped Thursday after Las Vegas Sands (LVS) noted strong recovery at its Macao and Singapore resorts during its Q3 earnings late Wednesday. LVS stock and Wynn Resorts (WYNN) swung higher.


The gaming resort operator reported adjusted earnings of 55 cents per share compared to a loss of 27 cents per share in 2022. The results marked three consecutive quarters of positive earnings. Revenue leapt to $2.8 billion from $1.01 billion last year. FactSet analysts expected earnings of 55 cents per share on $2.72 billion in revenue.

Gamblers were eager to hit the tables after pandemic travel restrictions were lifted.

Casino revenues bolted 215% to just over $2 billion for the quarter, compared to $637 million for Q3 2022.

“We were pleased to see the recovery in travel and tourism spending in both Macao and Singapore progress during the quarter,” CEO Robert Goldstein said in the report. “We remain deeply enthusiastic about our opportunities for growth in both markets in the years ahead.”

Las Vegas Sands’ properties in Macao include The Venetian, The Plaza, Four Seasons Hotel, The Londoner, The Parisian and Sands Macao. It also operates the Marina Bay Sands in Singapore.

Macao’s gaming and nongaming segments recovered during the quarter, while Marina Bay Sands “delivered outstanding levels of financial and operating performance,” according to Goldstein.

Macao operations delivered $1.79 billion in revenue for the quarter, a massive spike from $258 million last year. Marina Bay Sands revenue rose to $1.02 billion from $756 million in 2022.

Casino Stocks

LVS stock surged 2.8% Thursday after leaping about 5% premarket. Las Vegas Sands shares are down roughly 30% from their early May high, but have traded relatively tightly for the past four weeks. That can sometimes signal a bottom in a consolidation.

LVS stock retreated 4.6% so far in 2023.

Wynn Resorts shares climbed 1.7% Thursday. WYNN stock is up 7% on the year, but has been trapped below resistance at its descending 10-week moving average since August.

You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison


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The post Gamblers Flood Tables In Macao, Singapore. Casino Stocks Rally appeared first on WorldNewsEra.


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