Las Vegas Sands Net Rises

Las Vegas Sands Corp.'s fourth-quarter profit jumped 33% as the casino and resort operator reported higher revenue in Macau and Las Vegas.

But shares, which had rallied for much of 2013, slid 4.6% to $70.50 in after-hours trading as results weren't as strong as analysts expected.

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 industry's gambling revenue in Macau rose 19% last year, further cementing the Chinese territory's position as the world's casino capital. And analysts expect Macau to widen its lead on the Las Vegas Strip even more this year.

Overall, Las Vegas Sands reported a profit of $577.5 million, or 70 cents a share, up from $434.8 million, or 53 cents a share, a year earlier. Excluding early debt retirement costs and development expenses, adjusted profit grew to 72 cents from 54 cents a share.

Revenue grew 19% to $3.66 billion, including a 21% jump in casino revenue. Revenue growth was broad, as the company's customers spent more on rooms and food and beverages.

Analysts surveyed by Thomson Reuters expected a per-share profit of 84 cents on revenue of $3.71 billion.

Operating income grew to $886.1 million, compared with $672 million a year ago, mostly due to stronger results in Macau.

At Sands China Ltd., the company's majority-owned Macau subsidiary, net revenue jumped 28% while net income improved 40%.

Net revenue from the company's Marina Bay Sand property in Singapore slid 8%, while the Las Vegas operations' top line jumped 25%.

Write to John Kell at [e-mail]

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