Las Vegas Sands Beats Estimates as Macau Delivers
(Bloomberg) -- Las Vegas Sands Corp., the world’s largest casino company, beat first-quarter earnings estimates after growth in its biggest market, Macau, countered tougher conditions elsewhere.
- Sands’ revenue in that Chinese gambling enclave grew 8.1 percent to $2.33 billion, the company said Wednesday. The world’s largest gambling market, Macau casinos accounted for more than 60 percent of Sands’ revenue and nearly as much of its profit last year.
- Sands is continuing to expand in Macau. Construction and development work on the Four Seasons Tower Suites and Londoner Macao is progressing, said the company, which uses an alternate spelling for the region. Adjusted earnings in the market grew 8.7 percent to $858 million.
- The growth there helped Sands deliver adjusted earnings of 91 cents a share in the first quarter, beating analysts’ projections of 87 cents. Revenue, at $3.65 billion, exceeded Wall Street estimates of $3.51 billion.
- Results in Singapore, Sands’ No. 2 market, declined because of a lower win percentage and legal settlement. The company has reached an agreement with the state tourism board to expand the property with a new tower, entertainment facilities and luxury retail. Results were also lower in Las Vegas, the company’s home market.
- Sands shares rose as much as 4.6 percent to $71 in extended trading. They were up 30 percent this year as of the regular close on Wednesday.
- Click here for Sands statement.
- Here’s a geographic breakdown of Sands’ business.
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