Las Vegas Sands 1st-Quarter Profit Rises Amid Strong Macau Results

   By Anna Prior 
 

Las Vegas Sands Corp.'s (LVS) first-quarter earnings increased 15% as the casino company reported strong operating results in Macau amid an uptick in revenue.

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 $572 million, or 69 cents a share, up from $498.9 million, or 61 cents a share, a year earlier. Excluding pre-opening expense, development expense, impairment loss and other items, adjusted earnings were up at 71 cents from 70 cents a share.

Revenue jumped 20% to $3.3 billion, including a 21% rise in casino revenue to $2.74 billion.

Analysts polled by Thomson Reuters recently projected earnings of 66 cents a share on revenue of $3.27 billion.

At Sands China Ltd. (SCHYY, 1928.HK), the company's majority-owned Macau subsidiary, net revenue climbed 39% to $2.02 billion.

Net revenue from the company's Marina Bay Sand property in Singapore was down 6.3% at $794.9 million.

Meanwhile, the company's Las Vegas operations reported net revenue increased 7% to $411.5 million.

Shares rose 1.1% to $56.89 in recent after hours trading. As of Wednesday's close, the stock is up 22% since the start of the year.

Write to Anna Prior at [e-mail]

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