Las Vegas Sands May Have a Longer Road to Recovery Than Expected
The gambling industry is having an uneven recovery no matter where you are in the world. The U.S. market seems to be doing best with entertainment travelers coming back, driving regional casino revenue and weekend revenue in Las Vegas. But the lucrative corporate customers who have long driven mid-week revenue have been absent.
We're seeing that play out in real time with Las Vegas Sands (NYSE: LVS) and its recent earnings report. The company's Las Vegas properties, which it's selling to affiliates of Apollo Global Management (NYSE: APO) for $6.25 billion, are struggling despite weekend traffic being back to pre-pandemic levels. But Macao and Singapore continue to struggle all around with revenue down over 50% from pre-pandemic levels. Here's the good and bad from the quarter for Las Vegas Sands.
Image source: Getty Images.
Source Fool.com
