Las Vegas Sands Corp's (LVS) stock soared 7.3% in post-market trading on Wednesday, as the casino operator's fourth-quarter revenue beat offset an earnings miss, fueling investor optimism about the company's recovery prospects in Asia.
The company reported revenue of $2.9 billion for the quarter, exceeding analysts' expectations of $2.87 billion. This performance was driven by robust results at Marina Bay Sands in Singapore, where the company experienced "outstanding financial and operating performance."
However, Las Vegas Sands' adjusted earnings per share of $0.54 fell short of the consensus estimate of $0.60, as the company's operations in Macao continued to face challenges in recovering from the pandemic. Despite the earnings miss, the company's CEO Robert Goldstein expressed enthusiasm about the "opportunities to deliver industry-leading growth in both Macao and Singapore in the years ahead as we execute our capital investment programs in both markets."
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