(Bloomberg) -- Las Vegas Sands Corp. said remodeling at an entertainment center and a hotel in Macau will crimp results this year, sending the shares lower.

The casino and resort company closed its Cotai Arena in January for $200 million in renovations. The property held 12 shows in the first quarter, compared with 31 in the fourth quarter. Sands also plans to update its Londoner hotel, taking up to 600 rooms off line.

The renovations will mostly impact results this summer, the company said Wednesday, with a return to normal business at the arena in November and the hotel by May 2025. Sands is in the middle of a $4.5 billion capital spending program in Macau, its biggest market, following the government’s renewal of licenses there.

“There will be disruption,” President Patrick Dumont said on a conference call. “I can’t quantify it for you, but it’s not going to be immaterial.”

The shares fell as much as 9.5% to $45.44 Thursday in New York.

The Las Vegas-based company reported first-quarter sales and profit that exceeded analysts’ projections due to strength in Singapore.  

Sales grew 40% to $2.96 billion, the company said, topping the $2.93 billion average of estimates compiled by Bloomberg. Adjusted earnings rose to 75 cents a share, ahead of Wall Street projections for 60 cents.

Revenue from the company’s five Macau casinos increased 42% in the quarter, which was marked by the popular Chinese New Year holiday, while profit there was below many analysts’ projections due to the disruptions. Sales in Singapore, where Sands own one casino, rose 37%.

Read More: Las Vegas Sands Drops as Macau Results Miss

The company, which is controlled by the family of the late Sands founder Sheldon Adelson, bought back $450 million of its shares during the period.

Chief Executive Officer Rob Goldstein said he was “disappointed” that a decision for three new New York City-area casinos may be delayed. The company has proposed a resort development for Long Island.

(Updates trading in fifth paragraph.)

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