Las Vegas Sands reported weaker-than-expected results for the fourth quarter of 2018, causing its stock to tumble. Net revenue in 201818Q4 rose 2.5 percent, reaching US$3.48 billion, which fell short of Wall Street estimates.
The company swung to a net loss of US$40 million in the quarter, due mainly to a US tax reform, causing a US$727 million non-recurring income tax expense. In 2017Q4, Sands reported net income of US$1.4 billion.
Sheldon Adelson, chairman and chief executive officer of Las Vegas Sands, said the company has continued to benefit from record mass revenues and continued growth in every market segment in Macao. Sands China saw total net revenue increased 9 percent to US$2.25 billion in the fourth quarter of 2018, compared to US$2.06 billion in the prior year. Net income for Sand China, however, decreased 11 percent to US$465 million in the fourth quarter of 2018 from US$519 million in 2017Q4.
Adjusted property EBITDA in Macao increased 7.7 percent year-on-year, reaching US$786 million.
In Singapore, Marina Bay Sands saw growth in its hotel, retail, convention, and mass gaming segments, contributing to US$362 million of adjusted property EBITDA for the quarter.
Las Vegas Sands stock tumbled more than three percent after hours, according to reports. (AGB)