LAS VEGAS (AP) — Las Vegas Sands Corp. drew a record number of gamblers in Macau in the first quarter and took in more money from its Singapore casinos, helping lift net income by 15 percent to top expectations.
The company run by billionaire CEO Sheldon Adelson reported Wednesday that it lured 14 million visits to its Macau properties in the first three months of the year. Macau is the world’s largest gambling market, and the only place in China where casino gambling is legal.
Sands gets most of its revenue from the territory, known both for its high-roller gamblers and a growing base of middle-class Chinese visitors. The casino giant also operates The Venetian and the Palazzo on the Las Vegas Strip, the Sands Bethlehem in Pennsylvania and the Marina Bay Sands in Singapore. The company said revenue from its Las Vegas operations rose 7 percent to $411.5 million, helped by double-digit gains in spending on food and drinks and retail.
Sands said that it earned $572 million, or 69 cents per share, up from $498.9 million, or 61 cents per share, a year earlier. Excluding one-time items, Sands made 71 cents per share — topping analysts’ estimate of 67 cents.
Revenue also beat expectations, rising 20 percent to $3.30 billion, a quarterly record for Sands. Analysts polled by FactSet were expecting Sands to report $3.27 billion in revenue.
The company will pay a quarterly dividend of 35 cents per share at the end of June.
Shares slipped 18 cents after hours, having closed flat at $56.25 before the report.
Macau helps Las Vegas Sands top 1Q expectations
No comments:
Post a Comment