Las Vegas Sands Profit Tops Estimates On Macau Growth

(RTTNews) - Casino operator Las Vegas Sands Corp (LVS), Thursday reported a near 36 percent jump in first-quarter profit, on continued growth at its Macau operations, with results topping Wall Street estimates.

Under CEO Sheldon Adelson, Las Vegas Sands has immensely benefited from its properties in Macau, the only place in China where casinos are legal.

The company's China operations, under the name Sands China Ltd, encompasses four properties, each of which saw growth during the quarter.

Revenue at Sands China Ltd for the quarter jumped 34.7 percent from last year to $2.72 billion and net income at this operations rose 66 percent to $752 million.

Las Vegas Sands and its smaller rival Wynn Resorts Ltd (WYNN) have flourished in Macau as customers throng the casinos for table games and slotting machines, while also spending on food and accommodation.

Within Macau, revenue at Las Vegas Sands' key Venetian Macau operations climbed 36 percent, while Sands Cotai operations soared about 41 percent.

Meanwhile revenue at its Las Vegas operations for the quarter slid 7 percent from a year ago, while its Singapore operations, Marina Bay Sands, climbed 5 percent.

Revenue for Sands Bethlehem in Pennsylvania fell 4.6 percent.

Overall, Las Vegas Sands posted first-quarter revenues of $4.01 billion, up 21.4 percent from $3.30 billion in the prior year. On average, 16 analysts polled by Thomson Reuters projected revenues of $3.88 billion for the quarter.

The company's net earnings for the first quarter were $776 million or $0.95 per share, compared with $572 million or $0.69 per share last year.

Excluding items, adjusted earnings for the quarter were $794 million or $0.97 per share, compared with $584 million or $0.71 per share a year ago. Twenty analysts had a consensus earnings estimate of $0.93 per share for the quarter. Analysts' estimates typically exclude special items.

Las Vegas Sands stock closed Thursday's regular trade at $79.48, up $1.53 or 1.96%, on a volume of 6.2 million shares on the NYSE. In after hours, the stock dropped $0.83 or 1.04%, to trade at $78.65. In the past year, the stock trended in the range of $47.95 - $88.28.