Las Vegas Sands Profit Up 36% -- Update

By Tess Stynes 

Las Vegas Sands Corp. said its first-quarter earnings rose 36% mostly on stronger results at the casino and resort operator's Macau holdings.

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.

Las Vegas Sands reported a profit of $776.2 million, or 95 cents a share, up from $572 million, or 69 cents a share, a year earlier. Excluding one-time items, adjusted earnings rose to 97 cents from 71 cents. Revenue rose 21% to $4.01 billion.

Analysts polled by Thomson Reuters expected per-share profit of 94 cents and revenue of $3.91 billion.

Operating income grew 38% to $1.14 billion, compared to $826.7 million a earlier, driven by growth at the company's Macau unit.

At Sands China Ltd., the company's majority-owned Macau subsidiary, net revenue rose 35% to $2.72 billion, while net income 66% to $751.9 million.

Net revenue from the company's Marina Bay Sand property in Singapore rose 5.1%, while the Las Vegas operations' top line fell 7%.

Corrections & Amplifications: An earlier version of this article said in the headline and first paragraph that earnings growth was 3%.

Write to Tess Stynes at [e-mail]

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