By Anna Prior
Las Vegas Sands Corp.'s (LVS) third-quarter earnings jumped 79%
as the casino and resort operator recorded a surge in revenue,
particular at its Macau operations.
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 $626.7 million, or 76 cents
a share, up from $349.8 million, or 42 cents a year earlier.
Excluding pre-opening expense, development expense and other
charges, adjusted per-share earnings rose to 82 cents from 46
cents.
Revenue rose 32% to $3.57 billion, including a 36% jump in
casino revenue to $2.98 billion.
Analysts polled by Thomson Reuters recently forecasted earnings
of 76 cents per share on revenue of $3.47 billion.
Operating income rose 71% to $914.8 million, compared to $534.1
million for the year ago period, primarily due to stronger
operating results across the company's Macau property
portfolio.
At Sands China Ltd. (SCHYY, 1928.HK), the company's
majority-owned Macau subsidiary, net revenue climbed 43% to $2.34
billion.
Net revenue from the company's Marina Bay Sand property in
Singapore rose 24% while the company's Las Vegas operations'
revenue increased 2.9%.
Shares lost 34 cents to $70.63 in after-hours trading. Through
the close, the stock has risen 54% since the start of the year.
Write to Anna Prior at anna.prior@wsj.com
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