Las Vegas Sands cuts profit and revenue due to weakness in Macau

Casino operator Las Vegas Sands (LVS) reported a drop in profit and revenue in the second quarter, after an unusually low hold in rolling play at its Macau operations offset growth in gaming volumes.

Gaming revenues in Macau fell in June as bettors diverted their spending toward the FIFA World Cup, while weakness in cryptocurrencies and stricter controls on capital flows added additional pressure.

The Nevada-based company reported a quarterly profit of 373 million dollars, or 53 cents per share, compared to 519 million dollars, or 66 cents per share, a year earlier.

Total revenue for the quarter fell 0.7% to 3,150 million dollars. Revenue from its operations in Macau declined slightly year-on-year to 1,790 million dollars.

The group's shares fell around 6% in extended trading after the results were released.

Las Vegas Sands operates integrated resorts and casinos such as Marina Bay Sands in Singapore and six properties in Macau, including the Venetian Macau. This Asian concentration makes the group a direct barometer of the health of gaming in the region.

With Macau still sensitive to seasonal factors and the Chinese macroeconomic environment, the quarter confirms that the enclave's recovery is progressing unevenly despite the increase in gaming volumes.