Las Vegas Sands Profit Rises 25%

Las Vegas Sands Corp. said its fourth-quarter earnings rose 25%, thanks to lower operating expenses, though the casino operator continued to be hurt by a slowdown in Macau.

Shares rose 3.4% to $57.90 in recent after-hours trading as earnings excluding one-time items and revenue topped expectations.

The company also raised its quarterly dividend by 30% to 65 cents a share, an increase of 15 cents a share.

A corruption crackdown and weakening economy on the mainland have cut into business in Macau, the only place in China where casinos are legal.

Las Vegas Sands, which has four casinos in Macau, said the Sands China business reported a 16% decline in net revenue to $2.12 billion.

Overall, Las Vegas Sands reported a profit of $721.3 million, or 90 cents a share, up from $577.5 million, or 70 cents a share, a year earlier. Excluding items such as pre-openings and development expenses, earnings rose to 92 cents from 72 cents. Revenue decreased 6.6% to $3.42 billion.

Analysts polled by Thomson Reuters expected per-share profit of 80 cents and revenue of $3.51 billion.

The company's operating expenses declined 14%.

Write to Tess Stynes at [e-mail]

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