Las Vegas Sands Reports Improving Results

By Josh Beckerman 

Las Vegas Sands Corp. said third-quarter profit fell 1.2%, but the casino company's results topped Wall Street estimates, as the Macau operating environment continued to improve.

Shares rose 2.9% to $58.40 in after-hours trading.

Macau's gambling industry suffered in recent years amid a corruption crackdown and slowing economy in China. August marked the first year-over-year increase for industrywide Macau gaming revenue since mid-2014.

Macau operations, which provide the majority of the company's revenue, had growth in gaming revenue and overnight visits, and posted a 15% increase in adjusted property earnings before interest, taxes, depreciation and amortization. The Parisian Macao resort opened on Sept. 13.

By contrast, Wynn Resorts Ltd. on Wednesday reported an 11.5% decrease in net revenue from Macau operations.

Las Vegas Sands is increasing its quarterly dividend to 73 cents from 72 cents for the 2017 calendar year.

The company's U.S. holdings include the Venetian in Las Vegas and Sands Bethlehem in Pennsylvania, and it owns Marina Bay Sands in Singapore.

Las Vegas revenue fell 2.3% to $383.2 million.

Overall, Las Vegas Sands earned $513.4 million, or 65 cents a share, compared with $519.4 million, or 65 cents a share, a year earlier. Earnings excluding items were 72 cents a share. Revenue rose 2.6% to $2.97 billion.

Analysts polled by Thomson Reuters projected earnings of 60 cents a share on revenue of $2.81 billion.

Write to Josh Beckerman at [e-mail]

(END) Dow Jones Newswires

November 03, 2016 17:45 ET (21:45 GMT)

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