Las Vegas Sands Corp.'s (LVS) first-quarter earnings increased
15% as the casino company reported strong operating results in
Macau amid an uptick in revenue.
The company, best known in the U.S. for its Italian-themed
Venetian resort in Las Vegas, generates most of its revenue from
profitable casinos in Macau and Singapore. The company last year
gained a bigger foothold in Macau--the only place in China where
gambling is legal--with the official launch of Sands Cotai Central,
its fourth casino in the gambling enclave.
Las Vegas Sands reported a profit of $572 million, or 69 cents a
share, up from $498.9 million, or 61 cents a share, a year earlier.
Excluding pre-opening expense, development expense, impairment loss
and other items, adjusted earnings were up at 71 cents from 70
cents a share.
Revenue jumped 20% to $3.3 billion, including a 21% rise in
casino revenue to $2.74 billion.
Analysts polled by Thomson Reuters recently projected earnings
of 66 cents a share on revenue of $3.27 billion.
At Sands China Ltd. (SCHYY, 1928.HK), the company's
majority-owned Macau subsidiary, net revenue climbed 39% to $2.02
billion.
Net revenue from the company's Marina Bay Sand property in
Singapore was down 6.3% at $794.9 million.
Meanwhile, the company's Las Vegas operations reported net
revenue increased 7% to $411.5 million.
Shares rose 1.1% to $56.89 in recent after hours trading. As of
Wednesday's close, the stock is up 22% since the start of the
year.
Write to Anna Prior at anna.prior@dowjones.com
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